The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side. The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments. Requirement-1: To Prepare: We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

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Answer 1

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

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Financial data for Hunger Games Company for last year appear below: Hunger Games Company Statements of Financial Position Beginning Balance Ending Balance Assets: Cash $120,700 $220,000 Accounts receivable 225,000 475,000 Inventory 317,000 390,000 Plant and equipment (net) 940,000 860,000 Investment in Katniss Company 100,000 98,000 Land (undeveloped) 198,000 65,000 Total assets $1,900,700 $2,108,000 Liabilities and owners' equity: Accounts payable $178,700 $8,000 Long-term debt 512,000 600,000 Owners' equity 1,210,000 1,500,000 Total liabilities and owners' $1,900,700 $2,108,000 equity

Liability?

Answer 2

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 6

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

Answer 7

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

Answer 8

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Answer 9

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Answer 10

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Answer 11

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Answer 12

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Answer 13

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Answer 14

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Answer 15

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Answer 16

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 17

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

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Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Want to see the full answer?

Chapter 7 Solutions

Videos

Requirement-2: To prepare: We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3: To prepare: We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4: To prepare: We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5: To prepare: We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6: To prepare: We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Want to see the full answer?

Chapter 7 Solutions

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.