Mangino Company has a balance in its Accounts Receivable control account of $15,000 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $6,000; Black Company, balance $2,500 and Denny Company. During January, the following receivable-related transactions occurred.
Instructions
(a) What is the January 1 balance in the Denny Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.
(d) Which January transaction would not be recorded in a special journal?

Question

Mangino Company has a balance in its Accounts Receivable control account of $15,000 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $6,000; Black Company, balance $2,500 and Denny Company. During January, the following receivable-related transactions occurred.  
Instructions
(a) What is the January 1 balance in the Denny Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.
(d) Which January transaction would not be recorded in a special journal?

Quizplus · Accepted Answer

The Answer of Mangino Company has a balance in its Accounts Receivable control account of $15,000 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $6,000; Black Company, balance $2,500 and Denny Company. During January, the following receivable-related transactions occurred.  
Instructions
(a) What is the January 1 balance in the Denny Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.
(d) Which January transaction would not be recorded in a special journal?

Mangino Company Has a Balance in Its Accounts Receivable Control