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A receivables ledger control account at 1 may had balance of $ 32,750 debit and $ 1,275 credit.During May, sales of $125,000 were made on credit.Receipts from customers amounted to $122,500 and cash discounts of $550 were allowed.Refunds of $ 1,300 were made to customers.
What should the closing balances at 31 may amounted to?
A.$ 35,175 debit and $3,000 credit
B. $ 36,675 debit and $2,500 credit
C. $ 36,725 debit and $2,000 credit
D. $ 36,725 debit and $1,000 creditPlease show all the calculations!
DR:Bals b/d $32,750, Sales $125,000,Refund $1,300 so Bals c/d $2000.
CR:Bals b/d $1,275, Cash $122,500,Discount allowed $550 so Bals c/d $36,725.
Bals b/d $36,725 DR
Bals b/d $2,000 CR
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