Accounts Payable Subsidiary LedgerThe debits and credits from two transactions are presented in the following creditor's (supplier's) account:Hellman Services Inc.NAMEADDRESS2199 Commerce PlaceDebitDateItemPost. Ref.CreditBalanceNov. 1Balance487Nov. 11Invoice No. 214CP121239248Nov. 22Invoice No. 204P36155403Select the choice that describes each transaction and the source of each posting.DateActionInvoice No.Posted FromJournal PageNov. 11Nov. 22

Accounts payable control account and subsidiary ledger: Accounts payable account and subsidiary…

Answered: Accounts Payable Subsidiary Ledger The…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 11SPB: DIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for...

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Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:
DIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
DIRECT WRITE-OFF METHOD Williams Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.
The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
Identifying transactions in the accounts receivable subsidiary ledger A customer account in the accounts receivable subsidiary ledger of Leger Old Company follows: Describe the three posted transactions.
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505
A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is the a. Controlling account. b. Accounts payable ledger. c. Accounts receivable ledger. d. General ledger. e. Special journal.
What should i do? Record the Contracted services of $82,500 as performed. Note: Enter debits before credits. Transaction General Journal Debit Credit 6b
11) The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which report summarize purchases by vendor over a specific period of time to look for unusual activity? A) Cash disbursements journal B) Purchases by vendor C) Accounts payable D) Vendor aging report.
The entry to record the granting of credit to a customer for a sales return is posted to the accounts receivable subsidiary ledger only. the general ledger only. both the accounts receivable subsidiary ledger and the general ledger. both the accounts payable subsidiary ledger and the general ledger.

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