- 4 - The YOC-Elvin Account There was maintained on YOC's books and records an asset account entitled Accounts Receivable-Customers (Account 220). This account was used generally to record amounts due from YOC's customers. At Elvin's direction, a subaccount was established and maintained within Account 220 to record transfers of funds by YOC to, or for the benefit of, Elvin. This YOC subaccount is hereinafter referred to as the YOC-Elvin Account. Transfers of funds by YOC to Elvin or for Elvin's benefit were made at Elvin's direction, and they were recorded as debits or increases to the balance of the YOC-Elvin Account. Certain payments made by Elvin to YOC and certain salary and other adjustments were recorded as credits or decreases to the balance of the YOC-Elvin Account. On December 31 of each of the years 1982 through 1986, there was reflected in the YOC-Elvin Account an outstanding debit balance as follows: Debit Year Balance 1982 $ 87,465 1983 223,138 1984 240,648 1985 305,473 1986 564,412 The four schedules set forth below (one schedule for each year) reflect in detail the transfers of YOC's funds thatPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011