7-1 and 7-2

EXERCISES 7-1 Nex Company uses both special journals and a general journal as described in this Determ chapter: On June 30, after all monthly postings had been completed, the Accounts Receiv- balanc able control account in the general ledger had a debit balance of $340,000; the Accounts of spec (LO 2, 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 Purchases journal Cash receipts journal Cash payments journal Total sales $161,400 Total purchases $66,400 Accounts receivable column total $131,000 Accounts payable column total $47,500 Instructions (a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31? ings on July 31? receipts journal posted (b) What is the balance of the Accounts Payable control account after the monthly post- is the column total of $161,400 in the sales journal posted? (d) To what account(s) is the accounts receivable column total of $131,000 in the cash E7-2 Presented below is the subsidiary accounts receivable account of Jill Longley. ste Date Ref. Debit Credit Balance 2017 Sept. 2 S31 61,000 61,000 G4 27 CR8 14,000 47,000 47,000 Instructions Write a memo to Sara Fogelman, chief financial officer, that explains each transaction