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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 debits and credits from two transactions are presented in the following creditor’s (supplier’s) account:

Chapter 5, Problem 5.4APE, Accounts payable subsidiary ledger The debits and credits from two transactions are presented in the

Describe each transaction and the source of each posting.

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 describe: The each transaction, and explain the source of each posting.

Explanation

Nov. 11 – Invoice No. 85

In the M Technology (creditors) account, invoice number 85 is credited; it means the company purchased the goods from M Technology, and the amount of $1,845 posted from Page 8 of the purchase journal...

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