Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts Payable $14,560 Accounts Receivable 22,846 Cash 16,302 Inventory 14,242 Hulse’s sales journal for January shows a total of $111,898 in the selling price column, and its one-column purchases journal for January shows a total of $76,919. The column totals in Hulse’s cash receipts journal are: Cash Dr. $60,335; Sales Discounts Dr. $1,364; Accounts Receivable Cr. $45,689; Sales Revenue Cr. $5,370; and Other Accounts Cr. $10,640. The column totals in Hulse’s cash payments journal for January are: Cash Cr. $54,882; Inventory Cr. $2,923; Accounts Payable Dr. $45,723; and Other Accounts Dr. $12,082. Hulse’s total cost of goods sold for January is $63,529. 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 Hulse in the following accounts. (a) Accounts Payable $ (b) Accounts Receivable $ (c) Cash $ (d) Inventory $ (e) Sales Revenue $ Link to Text Question Attempts: 0 of 3 used Save for later Submit Answer Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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