FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 7, Problem 8E
Exercise 7-8 Identifying
Refer to Exercise 7-7 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.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Chapter 7 Solutions
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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_forwardPurchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.arrow_forward
- Accounts 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_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_forwardAccounts payable subsidiary ledger The debits and credits from two transactions are presented in the following creditors (suppliers) account: Describe each transaction and the source of each posting.arrow_forward
- Identify 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_forwardPurchases 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. Refer to the following partial chart of accounts: 11 Cash 19 Land 14 Field Supplies 21 Accounts Payable 15 Office Supplies 61 Salary Expense 17 Field Equipment 71 Rent Expense At the points indicated in the narrative of transactions, post to the following accounts in the accounts payable subsidiary ledger: Best Office Supply Co. Hydro Supply Co. Pure Equipment Co. 2. Post the individual entries (Other Accounts columns of the purchases journal and the cash payments journal and both columns of the general journal) to the appropriate general ledger accounts. 3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledger. (Because the problem does not include transactions related to cash receipts, the cash account in the ledger will have a credit balance.) 4. Prepare a schedule of the accounts payable creditor balances. 5. Why might AquaFresh consider using a subsidiary ledger for the field equipment?arrow_forwardBrief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.arrow_forward
- Accounts 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_forwardIdentify postings from revenue journal Using the following revenue journal for Zeta Services 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 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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial & Managerial AccountingAccountingISBN:9781337119207Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY