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Usimov [2.4K]
3 years ago
7

Kieschnick Company has a balance in its Accounts Receivable control account of $10,500 on January 1, 2017.

Business
1 answer:
katrin2010 [14]3 years ago
8 0

Answer:

  • What is the January 1 balance in the Freeze Company subsidiary account?  

$3,700

Freeze = $10,500 - $3,800 - $3,000 = $3,700

  • What is the January 31 balance in the control account?

$15,100

Control Account January 1 Balance

$10,500

Total Sales

$24,400

Collections

-$19,800

Balance on January 31

$15,100

  • Which January transaction would not be recorded in a special journal?

Returns of Cuddyer Company by $2,800

Explanation:

What is the January 1 balance in the Freeze Company subsidiary account?  

Company    

Bixler   Cuddyer    Freeze  Kieschnick  

$3,800 $3,000 $3,700 $10,500

To know the  Freeze balance we have to take the total balance on accounts receivable in the control company and deduct the balance of Bixler and Cuddyer    

Freeze = $10,500 - $3,800 - $3,000 = $3,700    

What is the January 31 balance in the control account?    

Company    

Bixler   Cuddyer    Freeze  Kieschnick  

$3,800 $3,000 $3,700 $10,500 January 1

$9,200 $7,000 $8,200 $24,400 Sales

-$8,100 -$2,500 -$9,200 -$19,800 Collections

$4,900 $7,500 $2,700 $15,100 January 31

To calculate the balance in the control account at January 31, it's necessary to calculate the balance of each subsidiary, then add each balance to report the balance in the control account.      

Control Account January 1 Balance

$10,500

Total Sales

$24,400

Collections

-$19,800

Balance on January 31

$15,100

Which January transaction would not be recorded in a special journal?

Returns of Cuddyer Company by $2,800

This transaction wont be recorded because Sales are expressed net of discount and Returns, so it´s not necessary to deduct again this value of sales.

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