Question

Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for the transactions. The starting balance of Accounts Receivable is $3,200 The starting balance of Cash is $12,100 The starting balance of Inventory is $2,900 Date Accounts and Explanation Debit Credit Jan 19 Cash 9 Accounts Receivable 9 Received customer payment Jan 20 Inventory 17 Cash 17 Bought manufacturing supplies for cash Jan 21 Cash 25 Inventory 25 Sold and delivered product to customer at cost What is the final amount in Accounts Receivable

Answer 1

Answer:

Final Accounts Receivable $ 3191

Explanation:

Opening Accounts Receivable  $3,200

Received Cash Payment $ 9

Ending Accounts Receivable $3200- $ 9= $ 3191

Opening Cash  $12,100

Received customer payment $ 9

Bought manufacturing supplies           $ 17

Sold inventory at cost $ 25

Ending Cash Balance = $2100 + 9-17 + 25=  $ 2117

Accounts Receivable

Debit                          Credit

Opening   $3,200

                              Cash Received 9

                                   Ending  $ 3191

$3200                                    $3200

The only receipt is of $ 9 which is deducted from the opening accounts receivable to get the final account receivable.