FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Textbook Question
Chapter 7, Problem 2E
Exercise 7-2 Identifying
ace 1
Refer to Exercise 7-1 and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.
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FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 1APSACh. 7 - Prob. 2APSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1BPSBCh. 7 - Prob. 2BPSBCh. 7 - Prob. 3BPSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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- Accounts payable subsidiary ledger The cash payments and purchases journals for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of 2,230, consisting of an amount owed to Augusta Sod Co. 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.arrow_forwardProblem 2-58B Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example.arrow_forwardAccounts receivable subsidiary ledger The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forward
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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. 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.arrow_forwardIdentify postings from revenue journal Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary' ledger accounts:arrow_forwardAccounts receivable subsidiary ledger The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forward
- Purchases and cash payments journals; accounts payable subsidiary and general ledgers AquaFresh Water Testing Service was established on April 16, 2016. AquaFresh uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in streams, lakes, and ponds. Transactions related to purchases and cash payments during the remainder of April are as follows: April 16. Issued Check No. 1 in payment of rent for the remainder of April, 3,500. 16. Purchased field supplies on account from Hydro Supply Co., 5,340. 16. Purchased field equipment on account from Pure Equipment Co., 21,450. 17. Purchased office supplies on account from Best Office Supply Co., 510. 19. Issued Check No. 2 in payment of field supplies, 3,340, and office supplies, 400. Post the journals to the accounts payable subsidiary ledger. 23. Purchased office supplies on account from Best Office Supply Co., 660. 23. Issued Check No. 3 to purchase land, 140,000. 24. Issued Check No. 4 to Hydro Supply Co. in payment of April 16 invoice, 5,340. 26. Issued Check No. 5 to Pure Equipment Co. in payment of April 16 invoice, 21,450. Post the journals to the accounts payable subsidiary ledger. 30. Acquired land in exchange for field equipment having a cost of 12,000. 30. Purchased field supplies on account from Hydro Supply Co., 7,650. 30. Issued Check No. 6 to Best Office Supply Co. in payment of April 17 invoice, 510. 30. Purchased the following from Pure Equipment Co. on account: field supplies, 1,340, and field equipment, 4,700. 30. Issued Check No. 7 in payment of salaries, 29,400. Post the journals to the accounts pay able subsidiary ledger. Instructions 1. Journalize the transactions for April. Use a purchases journal and a cash payments journal, similar to those illustrated in this chapter, and a two-column general journal. Use debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. 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Why might AquaFresh consider using a subsidiary ledger for the field equipment?arrow_forwardCornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.arrow_forwardRevenue journal; accounts receivable subsidiary and general ledgers Sage learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J. Dunlop for 115 on account. 22. Issued Invoice No. 2 to K. Tisdale for 350 on account. 24. Issued Invoice No. 3 to T. Quinn for 85 on account. 25. Provided educational services, 300, to K. 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What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b.What is the balance of the accounts receivable controlling account at July 31? 4.Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forward
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