Problem:
Yu Suzuki Company has a balance in its Accounts Receivable control account of $11,000 on January 1, 2008. The subsidiary ledger contains three accounts: Smith Company, balance $4,000; Green Company, balance $2,500; and Koyan Company. During January, the following receivable-related transactions occurred.
Credit Sales Collections Returns
Smith Company $9,000 $8,000 $ -0-
Green Company 7,000 2,500 3,000
Koyan Company 8,500 9,000 -0-
Instructions:
Q1. What is the January 1 balance in the Koyan Company subsidiary account?
Q2. What is the January 31 balance in the control account?
Q3. Compute the balances in the subsidiary accounts at the end of the month.
Smith Company $
Green Company $
Koyan Company $
Q4. Which January transaction would not be recorded in a special journal?