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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The following journal entries are for current purchases and cash payments transactions. Using T accounts, post these transactions to Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, and Purchases Discounts in the general ledger, and the vendor account in the accounts payable ledger.

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To determine

Post the given transactions into the accounts of the general ledger, and the suppliers account in accounts payable ledger.

Explanation

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit, and the right hand side is known as credit.

Post the given transactions into the accounts of the general ledger.

Cash
  (c)274.40
    
Total0Total274.40
  Balance     $274.40

Table (1)

Accounts Payable
(b)70.00(a)350.00
(c)280.00  
    
Total350.00Total350.00
  Balance     $0

Table (2)

Purchases
(a)350.00  
    
Total350.00Total0
Balance     $350...

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