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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 the 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 ($) Credit ($)
September 14 Accounts payable 212 291.50  
       Purchase returns and allowance 512   291.50
  (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 $291.50.
  • Purchase return and allowance is a contra expense and decrease the value of purchase (expense). Hence, credit the purchase return and allowance with $291.50.
                               Accounts  payable                                  Account  No:212
Date Item Post ref. Debit Credit Balance
Debit Credit
September 1 Balance        

2,872...

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