Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 8.00

Matisyahu Company

Selected account balances for Matisyahu Company at January 1, 2010, are presented below.
Accounts Payable…………$14,000
Accounts Receivable…….. 22,000
Cash……………………… 17,000
Inventory…………………. 13,500
Matisyahu’s sales journal for January shows a total of $100,000 in the selling price column, and its one-column purchases journal for January shows a total of $72,000. The column totals in Matisyahu’s cash receipts journal are: Cash Dr. $61,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $45,000; Sales Cr. $6,000; and Other Accounts Cr. $11,100. The column totals in Matisyahu’s cash payments journal for January are: Cash Cr. $55,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Matisyahu’s total cost of goods sold for January is $63,600.
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales are not involved in the ?oOther Accounts?? column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.
Instructions
Compute the January 31 balance for Matisyahu in the following accounts.
(a) Accounts Payable.
(b) Accounts Receivable.
(c) Cash.
(d) Inventory.
(e) Sales

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 03:07 PM My Price 8.00

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