Question
Selected account balances for Ramano Company at January 1, 2017, are presented below. Accounts Payable $19,000 Accounts Receivable 22,000 Cash 17,000 Inventory 13,500 Ramanos sales
Selected account balances for Ramano Company at January 1, 2017, are presented below.
Accounts Payable $19,000
Accounts Receivable 22,000
Cash 17,000
Inventory 13,500
Ramanos sales journal for January shows a total of $100,000 in the selling price column, and its one-column purchases journal for January shows a total of $72,000.
The column totals in Ramanos cash receipts journal are Cash Dr. $64,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $48,000; Sales Revenue Cr. $6,000; and Other Accounts Cr. $11,100.
The column totals in Ramanos cash payments journal for January are Cash Cr. $55,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Ramanos total cost of goods sold for January is $63,600.
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 Ramano in the following accounts.
Accounts Payable= $
Accounts Receivable= $
Cash= $
Inventory= $
Sales Revenue= $
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