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Posted: March 27th, 2019
figuring out balance from subsidy accounts
Question description
Selected account balances for Hulse Company at January 1, 2014, are presented below.Accounts Payable$13,731Accounts Receivable21,941Cash16,142Inventory14,286Hulse’s
sales journal for January shows a total of $110,944 in the selling
price column, and its one-column purchases journal for January shows a
total of $77,048.The column totals in Hulse’s cash receipts
journal are: Cash Dr. $60,898; Sales Discounts Dr. $2,153; Accounts
Receivable Cr. $45,459; Sales Revenue Cr. $6,722; and Other Accounts Cr.
$10,870.The column totals in Hulse's cash payments journal for
January are: Cash Cr. $54,858; Inventory Cr. $1,779; Accounts Payable
Dr. $46,350; and Other Accounts Dr. $10,287. Hulse’s total cost of goods
sold for January is $63,217.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 Hulse in the following accounts.(a)Accounts Payable(b)Accounts Receivable(c)Cash 22182(d)Inventory(e)Sales Revenue Link to Text
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