Selected account balances for Hernandez Company at January 1, 2010, are presented below.
Hernandez's sales journal for January shows a total of $120,000 in the selling price column, and its one-column purchases journal for January shows a total of $92,000.
The column totals in Hernandez's cash receipts journal are: Cash Dr. $61,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $40,000; Sales Cr. $6,000; and Other Accounts Cr. $11,100.
The column totals in Hernandez's cash payments journal for January are: Cash Cr. $45,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Hernandez's total cost of goods sold for January is $68,600.
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales 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.
Instructions
Compute the January 31 balance for Hernandez in the following accounts.
(a) Accounts Payable.
(b) Accounts Receivable.
(c) Cash.
(d) Inventory.
(e) Sales.

Question

Selected account balances for Hernandez Company at January 1, 2010, are presented below.  
Hernandez's sales journal for January shows a total of $120,000 in the selling price column, and its one-column purchases journal for January shows a total of $92,000.
The column totals in Hernandez's cash receipts journal are: Cash Dr. $61,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $40,000; Sales Cr. $6,000; and Other Accounts Cr. $11,100.
The column totals in Hernandez's cash payments journal for January are: Cash Cr. $45,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Hernandez's total cost of goods sold for January is $68,600.
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales 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.
Instructions
Compute the January 31 balance for Hernandez in the following accounts.
(a) Accounts Payable.
(b) Accounts Receivable.
(c) Cash.
(d) Inventory.
(e) Sales.

Quizplus · Accepted Answer

The Answer of Selected account balances for Hernandez Company at January 1, 2010, are presented below.  
Hernandez's sales journal for January shows a total of $120,000 in the selling price column, and its one-column purchases journal for January shows a total of $92,000.
The column totals in Hernandez's cash receipts journal are: Cash Dr. $61,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $40,000; Sales Cr. $6,000; and Other Accounts Cr. $11,100.
The column totals in Hernandez's cash payments journal for January are: Cash Cr. $45,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Hernandez's total cost of goods sold for January is $68,600.
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales 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.
Instructions
Compute the January 31 balance for Hernandez in the following accounts.
(a) Accounts Payable.
(b) Accounts Receivable.
(c) Cash.
(d) Inventory.
(e) Sales.

Selected Account Balances for Hernandez Company at January 1, 2010