Help Accounting Question 5 17 C3

Selected account balances for Hulse Company at January 1, 2014, are presented below.

Accounts Payable            $14,368

Accounts Receivable         22,026

Cash                                   16,703

Inventory                             13,907

Hulse’s sales journal for January shows a total of $110,085 in theselling price column, and its one-column purchases journal for Januaryshows a total of $77,656.

The column totals in Hulse’s cashreceipts journal are: Cash Dr. $61,658; Sales Discounts Dr. $1,018;Accounts Receivable Cr. $44,215; Sales Revenue Cr. $5,078; and OtherAccounts Cr. $13,383.

The column totals in Hulse’s cash paymentsjournal for January are: Cash Cr. $54,977; Inventory Cr. $2,612;Accounts Payable Dr. $45,081; and Other Accounts Dr. $12,508. Hulse’stotal cost of goods sold for January is $62,055.

AccountsPayable, Accounts Receivable, Cash, Inventory, and Sales Revenue are notinvolved in the “Other Accounts” column in either the cash receipts orcash payments journal, and are not involved in any general journalentries.

Compute the January 31 balance for Hulse in the following accounts.

(a) Accounts Payable $

(b) Accounts Receivable $

(c) Cash $

(d) Inventory $

(e) Sales Revenue $

Order a Similar or Custom Paper from our Writers