Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected account balances for Ivanhoe Company at January 1, 2020, are presented below. Accounts Payable $13,200 Accounts Receivable 22,800 Cash 16,800 Inventory 13,900 Ivanhoe's sales

image text in transcribed
Selected account balances for Ivanhoe Company at January 1, 2020, are presented below. Accounts Payable $13,200 Accounts Receivable 22,800 Cash 16,800 Inventory 13,900 Ivanhoe'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 $77.700. The column totals in Ivanhoe's cash receipts journal are Cash Dr. $61,100; Sales Discounts Dr. $2,900; Accounts Receivable Cr. $44,400; Sales Revenue Cr. $6,700; and Other Accounts Cr. $12,900. The column totals in Ivanhoe's cash payments journal for January are Cash Cr. $54,700; Inventory Cr. $2,800; Accounts Payable Dr. $46,700; 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 Ivanhoe in the following accounts. a. Accounts Payable $ b. Accounts Receivable C Cash $ d. Inventory $ e. Sales Revenue $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Draft a proposal for a risk assessment exercise.

Answered: 1 week ago