8.61Search for Unrecorded Liabilities. The list of vouchers payable for Potter's Magic Shoppe at December 31 follows:VendorInvoice DateAmountHagrid Cleaning Services11/15$ 4,322.43Hermione's Hats12/022,167.76Lockhart Magic Books12/316,489.11Malfoy Financial Consultants12/2823.752.63McGonagall Veterinary Supplies12/234,590.60Moaning Myrtle's Mystical Capes10/1411,529.88Nicholas Fancy Headwear12/2951,268.62Snape's Snakes12/2836.152.45Weasley's Wands12/286,400.55Hogwart's Rentals12/1553,000.00Total vouchers payable$199,674.03

Certainly! Let's delve deeper into each step of the process:1. **Review Accounts Payable Ledger**:…

Answered: 8.61 Search for Unrecorded Liabilities.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Spring Appliances received an invoice dated May 15 with terms 3/10 E.O.M. for the items listed below.5 refrigerators at $970 each less 20% and 5 % 4 dishwashers at $622 each Less 16(1/3), 12.8%, and 3 % (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is paid on the last day for taking the discount? (c) What is the amount of the cash discount if a partial payment is made such that a balance of $1700 remains outstanding on the invoice?
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The purchases journal for). K. Insurance for the month of October Is represented below. Accounts Payable Is account number 202 and Purchases Is account number 501. PURCHASES JOURNAL Page s Purchases Debit/ Accounts Payable Date Invoice No. From Whom Purchased Post Ref. Credit Oct. 2 3118 Express Florist 3,550.00 3119 T. C. S. Supplies 2,790.00 3120 Auto Body Repalr 3,850.00 Signs Unlimited 4,150.00 3121 Dynasty Limo 2,380.00 10 3122 15 3123 T. C. S. Supplles 2,150.00 18,870.00 Required: 1. Post the Information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT NO. 202 ACCOUNT Accounts Payable BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNT NO. 501 ACCOUNT Purchases BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair
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