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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

Post the following entry to the general ledger and subsidiary ledger.

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To determine

Post the transactions to the general ledger and subsidiary ledger.

Explanation

General ledger:

General ledger is a record of all accounts of assets, liabilities, and stockholders’ equity, necessary to prepare financial statement.

Post the transactions to the general ledger and subsidiary ledger.

Date Account Titles and explanation Post. Ref Debit ($) Credit ($)
August 16 Sales return and allowance 412 286.42  
       Accounts receivable 113   286.42
  (To record the issuance of credit memo no.131)      

Table (1)

  • Sales return and allowance is a contra revenue account it decreases the value of sales (revenue). Hence, debit the sales return and allowance by $286.42.
  • Accounts receivable is an asset and there is a decrease in the value of asset. Hence, credit the accounts receivable by $286.42.
                               Accounts Receivable                                Account  No:113
Date Item Post ref. Debit Credit Balance
Debit Credit
August 1 Balance       5,214.36  
  16       286...

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