Complete and balance the debtors control account on 31 May 2018 from the following information:
Debtors balance on 1 May 2018
€
Debtors balance on 1 May 2018 5,700
Total cash received from debtors in May 5,400
Total credit sales for May 6,100
Dr Debtors Control Account Cr
Date Details € Date Details €
OR (Alternative Format)
Debtors Control Account
Date Details Dr Cr Balance
€ € € - Junior Cycle Business Studies - Question 7 - 2018
Question 7
Complete and balance the debtors control account on 31 May 2018 from the following information:
Debtors balance on 1 May 2018
€
Debtors balance on 1 May 2018 5,70... show full transcript
Worked Solution & Example Answer:Complete and balance the debtors control account on 31 May 2018 from the following information:
Debtors balance on 1 May 2018
€
Debtors balance on 1 May 2018 5,700
Total cash received from debtors in May 5,400
Total credit sales for May 6,100
Dr Debtors Control Account Cr
Date Details € Date Details €
OR (Alternative Format)
Debtors Control Account
Date Details Dr Cr Balance
€ € € - Junior Cycle Business Studies - Question 7 - 2018
Step 1
Debtors balance on 1 May 2018
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Answer
The debtors control account begins with the opening balance of €5,700 on May 1, 2018. This amount will be recorded in the 'Dr' column.
Step 2
Total cash received from debtors in May
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Answer
The total cash received from debtors during May is €5,400. This amount will be recorded in the 'Cr' column on May 31 as 'Cash/Bank'.
Step 3
Total credit sales for May
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Answer
The total credit sales for the month of May amount to €6,100. This amount will be recorded in the 'Dr' column on May 31 as 'Sales'.
Step 4
Balancing the account
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Answer
To balance the account, the closing balance will be calculated:
Total debits: €5,700 (balance b/d) + €6,100 (sales) = €11,800
