Reference no: EM132724881

Sandhill Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $304,800; the Accounts Payable control account had a credit balance of $82,300.

The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July.

Sales journal Total sales $174,600

Purchases journal Total purchases $51,700

Cash receipts journal Accounts receivable column total $133,300

Cash payments journal Accounts payable column total $40,900

Problem 1: What is the balance of the Accounts Receivable control account after the monthly postings on July 31?

Problem 2: What is the balance of the Accounts Payable control account after the monthly postings on July 31?