On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $240,000; the Accounts Payable control account had a credit balance of $65,000.
The October transactions recorded in the special journals are presented below.
Instructions
Compute the balances of the (1) Accounts Receivable and (2) Accounts Payable control accounts after the monthly postings on October 31.

Question

On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $240,000; the Accounts Payable control account had a credit balance of $65,000.
The October transactions recorded in the special journals are presented below.  
Instructions
Compute the balances of the (1) Accounts Receivable and (2) Accounts Payable control accounts after the monthly postings on October 31.

Quizplus · Accepted Answer

The Answer of On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $240,000; the Accounts Payable control account had a credit balance of $65,000.
The October transactions recorded in the special journals are presented below.  
Instructions
Compute the balances of the (1) Accounts Receivable and (2) Accounts Payable control accounts after the monthly postings on October 31.

On September 30, After All Monthly Postings Had Been Completed