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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

SCHEDULE OF ACCOUNTS PAYABLE Ryan’s Express, a retail business, had the following beginning balances and purchases and payments activity in its accounts payable ledger during October. Prepare a schedule of accounts payable for Ryan’s Express as of October 31, 20--.

images

To determine

Prepare accounts payable schedule for R Express as at October 31, 20--.

Explanation

Schedule of accounts payable: This is the schedule which is prepared to verify that the total balances of all the suppliers in the accounts payable ledger, equals the balance of Accounts Payable in the general ledger.

Prepare accounts payable schedule for R Express as at October 31, 20--.

R Express
Schedule of Accounts Payable
October 31, 20--
C Products$5,350
F Fashions4,280
R Legends4,740
Total$14,370

Table (1)

Working Notes:

Prepare the customer accounts in accounts payable ledger.

NAME         C Products
ADDRESS
DateItemPost. Ref.Debit ($)Credit ($)Balance ($)
October1Balance  4,350
     3,0607,410
    2,060 ...

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