2. Open four-column ledger accounts for plies (120), Equipment (150), and Accon from the purchases journal. Use dates an 3. Open four-column accounts in the acco Equipment, Jell Supply, and Leap Tech. and posting references in the ledger accc 4. Balance the Accounts Payable control ac of th
2. Open four-column ledger accounts for plies (120), Equipment (150), and Accon from the purchases journal. Use dates an 3. Open four-column accounts in the acco Equipment, Jell Supply, and Leap Tech. and posting references in the ledger accc 4. Balance the Accounts Payable control ac of th
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
E7-18, and E7-22

Transcribed Image Text:purchases journal.
2. Open four-column ledger accounts for Merchandise Inventory (118), Office Sup-
plies (120), Equipment (150), and Accounts Payable (211). Post to these accounts
from the purchases journal. Use dates and posting references in the accounts.
3. 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.
4. Balance the Accounts Payable control account in the general ledger with the total
of the ending balances in the accounts payable subsidiary ledger.
Learning Objective 3
E7-22 Identifying transactions in the accounts payable subsidiary ledger
A vendor account in the accounts payable subsidiary ledger of Frost Company follows.
LARRY CARPENTER
Balance
Date
Post. Ref.
Debit
Credit
Debit
Credit
Dec.
1,800
12
P.4
2,340
4,140
20
J.10
200
3,940
29
CP.6
1,500
2,440
prngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae
atsumura. Copvriaht © 2018 bv Pearson Education. Inc. All Riahts Reserved. Pearson Custom Edition.
DII
&
5
6
7
8
4
Y
U
E
R
K
H

Transcribed Image Text:Check mark () for a posting to a customer account in the accounts receivable
subsidiary ledger.
Account number for a posting to an account in the general ledger. If so, give the
account number,
Letter (X) for an amount not posted.
E7-18 Identifying transactions in the accounts receivable subsidiary ledger
Learning Objective 2
A customer account in the accounts receivable subsidiary ledger of Leger Old
Company follows:
JOSH WILLOW
Balance
Date Post. Ref.
Debit
Credit
Debit
Credit
Nov. 1
400
S.5
1,180
1,580
18
J.8
190
1,390
30
CR.9
700
690
Describe the three posted transactions.
Learning Objective 3
E7-19 Recording transactions-purchases journal
Purchased merchandise inventory on credit terms of 3/10, n/60 from
Vanderbilt Co., $2,400.
Accounts Payable CR column
total $4,800
Apr. 2
Issued check no. 820 to purchase equipment for cash, $3,600.
11
Purchased merchandise inventory for cash, $750, issuing check no. 821.
12
Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2.
19
Purchased office supplies on account from Downing Supplies, $500. Terms
were n/EOM.
24
Purchased merchandise inventory on credit terms of net 30 from
Wilmington Sales, $1,900.
debiting Prepaid
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