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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Accounts payable subsidiary ledger

The cash payments and purchases journals for Outdoor Artisan Landscaping Co. follow. The accounts payable control account has an June 1, 2016, balance of $2,230, consisting of an amount owed to Augusta Sod Co.

Chapter 5, Problem 5.16EX, Accounts payable subsidiary ledger The cash payments and purchases journals for Outdoor Artisan

Prepare a schedule of the accounts payable creditor balances, and determine that the total agrees with the ending balance of the accounts payable controlling account.

To determine

Accounts payable control account and subsidiary ledger

Accounts payable account and subsidiary ledger is the ledger which is used to post the creditors transaction in one particular ledger account. It helps the business for locate the error in the creditor ledger balance. After all transactions of creditor accounts are posted, the balances in the accounts payable subsidiary ledger should be totaled, and compare with the balance in the general ledger of accounts payable. If both the balance does not agree, the error has been located and corrected.

To prepare: The accounts payable creditor balance, and verify that the total agrees with the ending balance of accounts payable control account.

Explanation

In this case, accounts payable subsidiary ledger is used to identify, and locate the error by way of cross check the creditor balance and accounts payable controlling account...

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