Credit Purchases Cash Pald Jan. 9 Bailey Company.. $14,000 Jan. 19 Bailey Company . $10,100 18 Johnson Brothers.. 6,600 27 Johnson Brothers.. 6,600 22 Preston Company.. 6,200 31 Preston Company.. 5,400

Credit Purchases Cash Pald Jan. 9 Bailey Company.. $14,000 Jan. 19 Bailey Company . $10,100 18 Johnson Brothers.. 6,600 27 Johnson Brothers.. 6,600 22 Preston Company.. 6,200 31 Preston Company.. 5,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Following is information from Jesper Company for its first month of business.
1. Identify the balances listed in the accounts payable subsidiary ledger.
2. Identify the Accounts Payable balance listed in the general ledger at month’s end.

Credit Purchases
Cash Pald
Jan. 9 Bailey Company..
$14,000
Jan. 19 Bailey Company .
$10,100
18 Johnson Brothers..
6,600
27 Johnson Brothers..
6,600
22 Preston Company..
6,200
31 Preston Company..
5,400

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