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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

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

After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (2016), the sum of the balances in the following accounts payable ledger did not agree with the $37,600 balance of the controlling account in the general ledger:

Chapter 5, Problem 5.19EX, Error in accounts payable subsidiary ledger After Bunker Hill Assay Services Inc. had completed all

Assuming that the controlling account balance of $36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).

To determine

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.

Accounts payable subsidiary ledger

Accounts payable subsidiary ledger keeps the detailed information about the payment history of the business to the creditors from whom it received goods and services from on account.

The errors in the accounts payable subsidiary ledger.

Explanation

In case of C supplies Inc. - there is an error of commission.

On March 9 the balance column showed 14,000; instead of 15,300 (8,300+7,000) similar errors occurred on March 12 and 20. The balance column on March 12 showed 13,700 instead of 15,000(15,300-3

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