The cash payments and purchases journals for Bill's Landscaping Co. are shown below. The accounts payable control account has an April 1, 2019, balance of$6,986, consisting of an amount owed to Augusta Sod Co.CASH PAYMENTS JOURNALPage 38OtherAccountsCk.Post.AccountsPayableCashDateNo.Account DebitedRef.Dr.Dr.Cr.2019Apr. 4106 Augusta Sod Co.107 Utilities Expense6,9866,986Apr. 554642642Apr. 15108 Kimble Lumber Co.3,6443,6442,87213,502Apr. 27109 Schott's Fertilizer2,872Apr. 3064214,144(V)(21)(11)PURCHASES JOURNALPage 22LandscapingSuppliesAccountsOtherPost.PayableAccountsPost.DateAccount DebitedRef.Cr.Dr.Dr.Ref.Amount2019Apr. 3Kimble Lumber Co.3,6443,6447,807Apr. 5Apr. 14Cooke Equipment Co.Equipment187,807Schott's Fertilizer2,8722,872Apr. 24Augusta Sod Co.4,2514,251Apr. 29Kimble Lumber Co.9,0919,091Apr. 3027,66519,8587,807(21)(14)(V)Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending balance of the accounts payable control account. Thesolution to this assignment should be in the same format as the Accounts Payable Creditors Balances and the Accounts Payable Control Account in the middle ofpage 225 of the textbook.77777

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Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending balance of the accounts payable control account. The solution to this assignment should be in the same format as the Accounts Payable Creditors Balances and the Accounts Payable Control Account in the middle of page 225 of the textbook.

Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending balance of the accounts payable control account. The solution to this assignment should be in the same format as the Accounts Payable Creditors Balances and the Accounts Payable Control Account in the middle of page 225 of the textbook.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 16E

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Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
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Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
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The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.