Set up control and subsidiary accounts

Assignment Help Financial Accounting
Reference no: EM132791654

On 1 September the balance of the accounts receivable control account in the general ledger of Whelan Company was $11 960. The customers' subsidiary ledger contained account balances as follows: Jana $2 440, Kingston $2 640, Johnson $2 060, Phillips $4 820. At the end of September the various journals contained the following information.

Sales journal: Sales to Phillips $800; to Jana $1 260; to Simons $1 030; to Johnson $1 100.

Cash receipts journal: Cash received from Johnson $1 310; from Phillips $2 300; from Simons $380; from Kingston $1 800; from Jana $1 240.

General journal: An allowance is granted to Phillips $220.

Instructions

Problem (a) Set up control and subsidiary accounts and enter the beginning balances.

Problem (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure.

Reference no: EM132791654

Questions Cloud

What areas of the body does complement protect : How would you isolate serum, and not plasma, from blood if you just withdrew a fresh vial of blood from the sheep without adding any anticoagulant?
What is the effective annual interest return on the security : What is the effective annual interest return on this security? Suppose you can invest in a money market security that matures in 150 days
Which investor recognize in profit or loss any difference : On the loss of significant influence, investor shall recognize in profit or loss any difference between? The initial carrying amount of any retained investment.
Describe at least two ways that apoptosis helps animals : In multicellular organisms, most cells that are created by mitosis are integrated into the structure of the organism. This week's lesson looks
Set up control and subsidiary accounts : Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. Set up control and subsidiary accounts
What is the state of molecules in the liquid water : If you were to heat the melted water to its boiling point, what would happen to the entropy of the system?
Describe atomic structure and composition : 1. Describe atomic structure and composition 2. Compare atomic number and mass number
What is the carrying value of notes receivable on December : The present value factor of 1 at 9% for 3 years is 0.7722; What is the carrying value of the notes receivable on December 31, 2016
Calculate the new share price of big corp after acquisition : Synergies from the transaction are expected to be $120 million. Calculate the new share price of Big Corp after the acquisition.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd