Nex Company uses both special journals and a general journal as described in thi

Question

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 $303,900; the Accounts Payable control account had a credit balance of $86,200. 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. 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

Explanation / Answer

Beginning balance ( June 30) of accounts receivable is $ 303,900

Credit sales during July is $ 174,100

Cash receipts from accounts receivable during July is $ 125,500

Therefore the balance in accounts receivable control account as of July 31 = 303,900 + 174,100 - 125,500 =

$ 352,500

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