Nex Company uses both special journals and a general journal. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $340,000, the Accounts Payable control account had a credit balance of $77,000.
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 $161,400 |
| Purchases journal | Total purchases $66,400 |
| Cash receipts journal | Accounts receivable column total $131,000 |
| Cash payments journal | Accounts payable column total $47,500 |
Instructions
- What is the balance of the Accounts Receivable control account after the monthly postings on July 31?
- What is the balance of the Accounts Payable control account after the monthly postings on July 31?
- To what account(s) is the column total of $161,400 in the sales journal posted?
- To what account(s) is the accounts receivable column total of $131,000 in the cash receipts journal posted?
Solution
