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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

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BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
Chapter 9, Problem 5E
Textbook Problem
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Post the following entry to the general ledger and the subsidiary ledger.

Chapter 9, Problem 5E, Post the following entry to the general ledger and the subsidiary ledger.

To determine

Post the transactions to the general ledger and subsidiary ledger.

Explanation of Solution

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

Given journal entry:

DateAccount Titles and explanationPost. RefDebit ($)Credit ($)
July 14Accounts payable212192.30 
      Purchase returns and allowance512 192.30
 (To record the credit memo no.942 for return of  merchandise)   

Table (1)

  • Accounts payable is a liability and there is a decrease in the value of liability. Hence, debit the accounts payable with $192.30.
  • Purchase return and allowance is a contra expense and decrease the value of purchase (expense). Hence, credit the purchase return and allowance with $192.30.

Post the transactions to the general ledger and subsidiary ledger.

                               Accounts  payable                                  Account  No:212
DateItemPost ref.DebitCreditBalance
DebitCredit
July1Balance    2,716...

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
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