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Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,300 21,700 16,400 12,500
Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,300 21,700 16,400 12,500 Oriole's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $77,300. The column totals in Oriole's cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $2,000; Accounts Receivable Cr. $45,400; Sales Revenue Cr. $5,300; and Other Accounts Cr. $12,200. The column totals in Oriole's cash payments journal for January are Cash Cr. $55,100; Inventory Cr. $2,200; Accounts Payable Dr. $46,500; and Other Accounts Dr. $10,800. Hulse's total cost of goods sold for January is $62,200. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Oriole in the following accounts. a. Accounts Payablet b. Accounts Receivable C. Cash d. Inventory e. Sales Revenue
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