Tessa Ltd uses both special journals and a general journal as described in this chapter. On 30 June, after all monthly postings had been completed, the Accounts Receivable Control account in the general ledger had a debit balance of $200 000; the Accounts Payable Control account had a credit balance of $45 000.

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

Required

(a) What is the balance of the Accounts Receivable Control account after the monthly postings on 31 July?

(b) What is the balance of the Accounts Payable Control account after the monthly postings on 31 July?

(c) To what account(s) is the column total of $125 150 in the sales journal posted?

(d) To what account(s) is the Accounts Receivable column total of $63 500 in the cash receipts journal posted?

Transcribed Image Text:

Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales $125 150 Total purchases $27180 Accounts Receivable column total $63 500 Accounts Payable column total $23 750