CALCULATOR PRINTER VERSION BACK NEX Selected account balances for Ramano Company

Question

CALCULATOR PRINTER VERSION BACK NEX Selected account balances for Ramano Company at January 1, 2017, are presented below. Accounts Payable $19,000 Accounts Recelvable 22,000 Cash Inventory 17,000 13,500 Ramano's sales journal for January shows a total of $100,000 in the selling price column, and its one-column purchases journal for January shows a total of $72,000. The column totals in Ramano's cash receipts journal are Cash Dr. $64,000: Sales Discounts Dr. $1/100: Accounts Receivable Cr. $48,000; Sales Revenue Cr. $6,000; and Other Accounts Cr. $11,100 The column totals in Ramano's cash payments journal for January are Cash Cr. $55,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Ramano's total cost of goods sold for January is $63,600 Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue 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 Compute the January 31 balance for Ramano in the following accounts. Accounts Payable Accounts Receivable Cash Inventory 12:22 AM 6/25/2018 Sales Revenue

Explanation / Answer

1. Accounts payable

Beginning balance..................................19000

+ credit purchase (purchase journal)....72000

- accounts payable debited................... 46000

Ending accounts payable balance....... 45000

2. Accounts receivable

Beginning balance.....................................22000

+ credit sales (Sales journal)................... 100000

- accounts receivable credited................. 48000

Ending accounts receivable balance.........74000

3. Cash

Beginning balance................................ 17000

+ cash debited....................................... 64000

- Cash credited.......................................55000

Ending cash balance............................. 26000

4. Inventory

Beginning balance..................................13500

+ purchase.............……………………………..... 72000

- inventory credited............................….. 1000

Ending inventory balance.......................84500

5. Sales revenue

Credit sales.................................. 100000

+ sales revenue credited.............. 6000

- sales discounts........................... 1100

Ending sales revenue balance....... 104900

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