Prepare the general ledger accounts and the accounts payable ledger accounts.

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Answer 1

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

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Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. Purchased inventories on credit Sales of inventory on credit Received payment of a customer’s account Payment of monthly rent by cheque End of period closing entries Week 7 Below is information about Lisa Ltd’s cash position for the month of June 2019. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank…

You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts. 2009 July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106. 3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356. 5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66. 8 Credit sales to: A Green $307; H George $250; J Ferguson $185. 12 Returns outwards to: M Norman $30; N Senior $16. 14 Return inwards from: E Phillips $18; F Thompson $22. 20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420. 24 Credit purchases from: C Ferguson $550; K Ennevor $900. 31 Return inwards from: E Phillips $27; E Rigby $30. 31 Return outwards to: J Cook $13; C Davies $11.

9/The business has the following transactions for the month of May 2019. 9- Sold goods and received cash of RO 2,750 11- Received commission of RO 750 17- Received cash from KR traders of RO 3,300 for the goods sold on May 4 2019, on credit. 19- Sold goods to Rainbow traders and received cash of RO 3,250 Calculate and show the amount which will be transferred to the Cash sales column in the cash receipts book for the month of May 2019? a. RO 750 b. RO 6,000 c. RO 3,300 d. RO 3,500

Answer 2

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 6

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

Answer 7

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

Answer 8

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Answer 9

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Answer 10

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 11

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQ Ch. 8 - Prob. 1.4SRE Ch. 8 - Prob. 1.5SRE Ch. 8 - Prob. 1.6SRA Ch. 8 - Prob. 2.1SRQ Ch. 8 - Prob. 2.2SRQ Ch. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...

Prepare the general ledger accounts and the accounts payable ledger accounts.

Solution Summary: The author explains how the general ledger accounts and accounts payable accounts are prepared.

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Prepare the general ledger accounts and the accounts payable ledger accounts.

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Create a schedule of accounts payable and compare it with the accounts payable control account.

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Chapter 8 Solutions