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It is always a good idea to verify amounts in the general ledger just to be sure there are no problems or stupid mistakes (since in the real world, there is no answer book). So test the accuracy of the Accounts receivable balance at the end of the first year of operations for the Cuadra Corp, using what ever is useful from the following information.

• The A/R ending balance in the General Ledger is $28,300

• Collections from customers, $48,000

• Merchandise purchased, $73,000

• Ending merchandise inventory, $34,500

• Goods sell at 60% above cost.

• All sales are made on account

Compute the ending A/R and any shortage or overage.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939462

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