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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Kelley Company has completed the following October sales and purchases journals:

  1. a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers.
  2. b. Complete a schedule of accounts receivable for October 31, 20--.
  3. c. Complete a schedule of accounts payable for October 31, 20--.
  4. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).

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a.

To determine

Post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers.

Explanation

Post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers:

DateInvoice No.Customer's NamePost Ref.Accounts Receivable Dr. Sales Cr.
20--     
October3414Company A $443.24
 4415Company RTH $1,426.90
 7416Company GM $1,647.00
 11417Company MM $3,112.16
 16418Company JLA $2,130.00
 22419Company CAG $1,944...

b.

To determine

Complete a schedule of accounts receivable for October 31.

c.

To determine

Complete a schedule of accounts payable for October 31.

d.

To determine

Compare the balances of the schedules with their respective general ledger accounts and ascertain and rectify the error if they are unequal.

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