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ACC 201/202 MYACCLAB E-TEXT ONLY >I<
16th Edition
ISBN: 9781323118047
Author: Pearson
Publisher: PEARSON C
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Question
Chapter C, Problem C.21E
1.
To determine
The total balance of each column of the purchases journal.
2.
To determine
To post: The transactions from the purchases journal to the general ledger.
3.
To determine
To post: The transactions from purchases journal to the accounts payable subsidiary ledger.
4.
To determine
The total balance of vendor in the accounts payable subsidiary ledger and match it with the total balance of accounts payable in the general ledger.
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Students have asked these similar questions
Posting from the purchases journal; balancing the ledgers
The purchases journal of Southeastern Publishing Company follows:
Requirements
Total each column of the purchases journal.
Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts.
Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, jell Supply, and Leap Tech. Post from the purchases journal. Use dates and Posting references in the ledger accounts.
Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger.
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate.
Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references.
Accounts Receivable Subsidiary Ledger
Henry Co.
Lincoln Co.
Now post to the partial general ledger. Use transaction dates as posting references.
Partial General Ledger
Accounts Receivable 112
Merchandise Inventory 142
Sales 411
Cost of Goods Sold 505
Using the five journals as named here:
Sales, Purchases, Cash Receipts, Cash Disbursements, and General
and using the following as possible column header titles:
Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None
and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system:
Accounts Payable
Merchandise Inventory
Sales
Accounts Receivable
Purchases
Sales Discounts
Cash
Purchase Discounts
Sales Returns and Allowances
Cost of Goods Sold
Purchase Returns and Allowances
Sales Tax Payable
PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.
On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…
Chapter C Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
Ch. C - Prob. 1QCCh. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Centex Sound Systems purchased merchandise...Ch. C - Every transaction recorded in the cash payments...Ch. C - Prob. 8QCCh. C - Prob. 9QCCh. C - What is an accounting information system (AIS)?
Ch. C - Prob. 2RQCh. C - Explain the three basic components of an...Ch. C - Prob. 4RQCh. C - What is the purpose of a subsidiary ledger?Ch. C - Prob. 6RQCh. C - List the four special journals often used in a...Ch. C - Explain the posting process of the sales journal.Ch. C - Provide some examples of transactions that would...Ch. C - Explain the posting process of the cash payments...Ch. C - When is the general journal used in a manual...Ch. C - Prob. 14RQCh. C - Prob. 15RQCh. C - Prob. 16RQCh. C - How would a business record a sale of services on...Ch. C - Prob. 18RQCh. C - Evaluating features of an effective accounting...Ch. C - Prob. C.2SECh. C - Identifying special journals Use the following...Ch. C - Prob. C.4SECh. C - Prob. C.6SECh. C - Prob. C.8SECh. C - Prob. C.9SECh. C - Prob. C.10SECh. C - Posting transactions from a cash payments journal...Ch. C - Prob. C.12SECh. C - Prob. C.13SECh. C - Recording transactions-sales journal Feb. 1 Sold...Ch. C - Prob. C.15ECh. C - Prob. C.16ECh. C - Prob. C.17ECh. C - Prob. C.18ECh. C - Prob. C.19ECh. C - Prob. C.20ECh. C - Prob. C.21ECh. C - Prob. C.22ECh. C - Prob. C.23ECh. C - Prob. C.24APCh. C - Using the purchases, cash payments, and general...Ch. C - Prob. C.26APCh. C - Prob. C.27BPCh. C - Prob. C.28BPCh. C - Prob. C.29BPCh. C - Prob. C.30CPCh. C - Prob. C.31PSCh. C - Prob. 1COPCh. C - Prob. C.1CTDCCh. C - Didrikson Rubin, the auditor of Red Barn Farm...Ch. C - Communication Activity C-1 In 150 words or fewer,...
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- Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forwardPURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Ryans Rats Nest, a small retail business, is as follows: REQUIRED 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter. 2. Post the individual purchase amounts to the accounts payable ledger.arrow_forwardKelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. 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).arrow_forward
- Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.arrow_forwardJOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.arrow_forwardPURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Kevins Kettle, a small retail business, is as follows: Required 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter. 2. Post the individual purchase amounts to the accounts payable ledger.arrow_forward
- Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase…arrow_forwardUsing the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On Jun. 1, credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999, for inventory costing…arrow_forwardUsing the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On Jun. 1, credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999, for inventory costing…arrow_forward
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