Exercise 7-01 a-d (Part Level Submission) (Video)

Nex Company uses both special journals and a general journal as described in this chapter. 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

(a)

	Your answer is correct.

What is the balance of the Accounts Receivable control account after the monthly postings on July 31?

The balance of the Accounts Receivable control account

$

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(b)

	Your answer is correct.

What is the balance of the Accounts Payable control account after the monthly postings on July 31?

The balance of the Accounts Payable control account

$

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(c)

	Your answer is correct.

To what account(s) is the column total of $161,400 in the sales journal posted?

Credit accounts receivable in the general ledgerDebit sales revenue and credit accounts receivable in the general ledgerDebit accounts receivable in the general ledgerCredit cash in the general ledgerDebit sales revenue and credit accounts payable in the general ledgerCredit sales revenue and debit accounts payable in the general ledgerCredit sales revenue and debit accounts receivable in the general ledgerDebit cash in the general ledger

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(d)

	Your answer is incorrect. Try again.

To what account(s) is the accounts receivable column total of $131,000 in the cash receipts journal posted?

Debit sales revenue and credit accounts payable in the general ledgerCredit cash in the general ledgerDebit cash in the general ledgerCredit sales revenue and debit accounts receivable in the general ledgerCredit sales revenue and debit accounts payable in the general ledgerDebit sales revenue and credit accounts receivable in the general ledgerCredit accounts receivable in the general ledgerDebit accounts receivable in the general ledger