Accounting E7-1, E7-3, E7-8(2) - E71 Description Beg.Bal (a)

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E7-1 (a) Accounts Receivable - Normal Debit Balance (b) Description Debit Side Credit Side Beg. Bal  320,000  161,400 131,000 Ending Bal.  350,400  total sales from the "sales journal"  161,400  total purchases from the "purchases journal"  56,400  Cash receipt impacting Accounts Receivable  131,000  Cash Payment (journal) impactingAccounts Payable  47,500  Instructions: (C ) To what accounts is the column total of $161,400 in the sales journal posted?  Account Title & Description Ref Accounts Receivable N/A Sales N/A to record the sales of inventory on account (d) To what accounts  are the accounts receivable column total of $131,000 in the cash Account Title & Description Ref Accounts Receivable N/A Cash N/A Journals (Review): Sales Journal - sales of merchandise inventory, on account (involves Acct. Receivable) Purchases Journal - purchases of merchandise inventory, on account (involves Acct. P Cash receipts journal - cash received from any source Cash payments journal - cash paid for any reason
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This note was uploaded on 03/28/2011 for the course ACCOUNTING 101 taught by Professor Bob during the Spring '10 term at Rowan-Cabarrus Community College.

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Accounting E7-1, E7-3, E7-8(2) - E71 Description Beg.Bal (a)

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