Kosta Ltd uses both special journals and a general journal. The Accounts receivable control account had an opening debit balance of $225 000 and the Accounts Payable control account had an opening credit balance of $65 000. The transactions for the next month of operations are summarised below.
Required:
(a) Name the account that the total of $195 000 in the sales journal is posted as a credit to.
(b) Name the account that the total of the accounts payable column in the cash payments journal is posted as a credit to.
(c) What is the balance of the accounts receivable control account after the postings for the month?
(d) What is the balance of the accounts payable control account after the postings for the month?

Question

Kosta Ltd uses both special journals and a general journal. The Accounts receivable control account had an opening debit balance of $225 000 and the Accounts Payable control account had an opening credit balance of $65 000. The transactions for the next month of operations are summarised below.
  Required:
(a) Name the account that the total of $195 000 in the sales journal is posted as a credit to.
(b) Name the account that the total of the accounts payable column in the cash payments journal is posted as a credit to.
(c) What is the balance of the accounts receivable control account after the postings for the month?
(d) What is the balance of the accounts payable control account after the postings for the month?

Quizplus · Accepted Answer

The Answer of Kosta Ltd uses both special journals and a general journal. The Accounts receivable control account had an opening debit balance of $225 000 and the Accounts Payable control account had an opening credit balance of $65 000. The transactions for the next month of operations are summarised below.
  Required:
(a) Name the account that the total of $195 000 in the sales journal is posted as a credit to.
(b) Name the account that the total of the accounts payable column in the cash payments journal is posted as a credit to.
(c) What is the balance of the accounts receivable control account after the postings for the month?
(d) What is the balance of the accounts payable control account after the postings for the month?

Kosta Ltd Uses Both Special Journals and a General Journal