On September 1, 2021, Lily Company had an initial accounts receivable contro account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmin Company, balance $25,200; Sunflower Company, balance $14,400; and Orchi Company. The following were information regarding Lily Company's account receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ -
On September 1, 2021, Lily Company had an initial accounts receivable contro account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmin Company, balance $25,200; Sunflower Company, balance $14,400; and Orchi Company. The following were information regarding Lily Company's account receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ -
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Compute the balance in the subsidiary accounts at the end of the month!
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