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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Ryan’s Rats Nest, a small retail business, is as follows:

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REQUIRED

  1. 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter.
  2. 2. Post the individual purchase amounts to the accounts payable ledger.

1.

To determine

Post the total of the purchase journal to the general ledger accounts.

Explanation

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

Post the total of the purchase journal to the general ledger accounts:

...
ACCOUNT    Accounts Payable                                                      ACCOUNT NO. 202
DateItemPost. Ref.Debit ($)Credit ($)Balance
Debit ($)Credit ($)
January31 P1 

2.

To determine

Post the individual purchase amounts to the accounts payable ledger.

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