BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
1 views

Identify postings from cash payments journal

Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

Chapter 5, Problem 5.12EX, Identify postings from cash payments journal Using the following cash payments journal, identify

To determine

Cash payments journal

Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The type of ledger account for given cash payment transactions.

Explanation

1. General ledger account – (b), (c), (e), (f), (h), (i), (k), and (l)

In this case, utilities expense, prepaid rent, advertising expense, office equipment, office supplies, salaries expense, accounts payable, and cash payment are day to day business transactions which are recorded in the ledger account. Hence, these transactions are posted to general ledger account.

2...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

FINANCING ALTERNATIVES The Severn Company plans to raise a net amount of 270 million to finance new equipment i...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is inflation and what causes it?

Principles of Microeconomics (MindTap Course List)

Identify the two primary components of return on assets.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

What is a segment, and why would a company want to measure profits of segments?

Cornerstones of Cost Management (Cornerstones Series)