EA8. LO 7.4 Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?

EA8. LO 7.4 Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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