Spencer Company uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2020, the control accounts in the general ledger had the following balances: Cash $15,000, Accounts Receivable $180,000 and Accounts Payable $40,000. Selected information on the final line of the special journals for the month of November is presented below: Additional Data:
The Sales Journal totaled $44,000. A customer returned merchandise for credit for $640 and Spencer Company returned store supplies to a supplier for credit for $500.
Instructions
(a) Determine the missing amounts in the special journals.
(b) Determine the balances in the general ledger accounts (Cash, Accounts Receivable, and Accounts Payable) at the end of November.

Question

Spencer Company uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2020, the control accounts in the general ledger had the following balances: Cash $15,000, Accounts Receivable $180,000 and Accounts Payable $40,000. Selected information on the final line of the special journals for the month of November is presented below:  Additional Data:
The Sales Journal totaled $44,000. A customer returned merchandise for credit for $640 and Spencer Company returned store supplies to a supplier for credit for $500.
Instructions
(a) Determine the missing amounts in the special journals.
(b) Determine the balances in the general ledger accounts (Cash, Accounts Receivable, and Accounts Payable) at the end of November.

Quizplus · Accepted Answer

The Answer of Spencer Company uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2020, the control accounts in the general ledger had the following balances: Cash $15,000, Accounts Receivable $180,000 and Accounts Payable $40,000. Selected information on the final line of the special journals for the month of November is presented below:  Additional Data:
The Sales Journal totaled $44,000. A customer returned merchandise for credit for $640 and Spencer Company returned store supplies to a supplier for credit for $500.
Instructions
(a) Determine the missing amounts in the special journals.
(b) Determine the balances in the general ledger accounts (Cash, Accounts Receivable, and Accounts Payable) at the end of November.

Spencer Company Uses Four Special Journals, (Cash Receipts, Cash Payments