Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter B, Problem 21E
1.
To determine
Determine the total balance of each column of the purchases journal.
2.
To determine
Post transactions from the purchases journal to the general ledger.
3.
To determine
Post the transactions from purchases journal to the accounts payable subsidiary ledger.
4.
To determine
Determine the total balance of vendor in the accounts payable subsidiary ledger and match it with the total balance of accounts payable in the general ledger.
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Posting from the purchases journal; balancing the ledgers
The purchases journal of Southeastern Publishing Company follows:
Requirements
Total each column of the purchases journal.
Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts.
Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, jell Supply, and Leap Tech. Post from the purchases journal. Use dates and Posting references in the ledger accounts.
Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger.
Proving the postings of a one-column purchases journal would involve comparing the
general ledger posting to Accounts Payable to the debit postings of the accounts receivable subsidiary ledger.
general ledger debit posting to Accounts Payable to the general ledger credit posting to Inventory.
general ledger credit posting to Accounts Payable to the general ledger debit posting to Inventory.
debit postings to the accounts payable subsidiary ledger to the credit postings to the accounts payable subsidiary ledger.
Using the five journals as named here:
Sales, Purchases, Cash Receipts, Cash Disbursements, and General
and using the following as possible column header titles:
Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None
and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system:
Accounts Payable
Merchandise Inventory
Sales
Accounts Receivable
Purchases
Sales Discounts
Cash
Purchase Discounts
Sales Returns and Allowances
Cost of Goods Sold
Purchase Returns and Allowances
Sales Tax Payable
PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.
On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…
Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. B - Match the benefit of an effective accounting...Ch. B - Prob. 2TICh. B - Prob. 3TICh. B - Prob. 4TICh. B - Prob. 5TICh. B - Prob. 6TICh. B - Prob. 7TICh. B - Prob. 8TICh. B - Prob. 1QCCh. B - Prob. 2QC
Ch. B - Prob. 3QCCh. B - Prob. 4QCCh. B - Prob. 5QCCh. B - Prob. 6QCCh. B - Prob. 7QCCh. B - When using a manual accounting information system,...Ch. B - Prob. 9QCCh. B - Prob. 1RQCh. B - Prob. 2RQCh. B - Prob. 3RQCh. B - Prob. 4RQCh. B - What is the purpose of a subsidiary ledger?Ch. B - Prob. 6RQCh. B - List the four special journals often used in a...Ch. B - Explain the posting process of the sales journal.Ch. B - Prob. 9RQCh. B - What are the columns that are typically used in...Ch. B - Explain the posting process of the cash payments...Ch. B - When is the general journal used in a manual...Ch. B - Prob. 13RQCh. B - Prob. 14RQCh. B - Prob. 15RQCh. B - How is QuickBooks organized?Ch. B - How would a business record a sale of services on...Ch. B - How would a business record a bill received in...Ch. B - Prob. 1SECh. B - Prob. 2SECh. B - Identifying special journals Use the following...Ch. B - Prob. 4SECh. B - Prob. 5SECh. B - Prob. 6SECh. B - Prob. 7SECh. B - Prob. 8SECh. B - Prob. 9SECh. B - Prob. 10SECh. B - Prob. 11SECh. B - Prob. 12SECh. B - Prob. 13SECh. B - Prob. 14ECh. B - Prob. 15ECh. B - Prob. 16ECh. B - Prob. 17ECh. B - Identifying transactions in the accounts...Ch. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - Prob. 22ECh. B - Prob. 23ECh. B - Prob. 24APCh. B - Prob. 25APCh. B - Using all journals, posting, and balancing the...Ch. B - Prob. 27BPCh. B - Using the purchases, cash payments, and general...Ch. B - Using all journals, posting, and balancing the...Ch. B - Prob. 30PCh. B - Prob. 31PCh. B - Prob. 1COMPCh. B - Prob. 1TIATCCh. B - Prob. 1DCCh. B - Prob. 1FCCh. B - Prob. 1CA
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