I have attached a picture of question 10-2 in College Accounting a Practical Approach . I got things journalized just fine but I am struggling to create the Accounts Payable Subledger correct and coming up with a total schedule of accounts of $6980. I have attached a picture of the incorrect work i did so maybe you can better point me in the right direction **Accounts Payable Subsidiary Ledger**This document displays an Excel spreadsheet used for managing an Accounts Payable Subsidiary Ledger. The subsidiary ledger provides detailed information about each creditor’s transactions, maintaining accurate records of amounts owed by a company.### Ledger StructureThe spreadsheet is divided into sections for different companies, each with columns for recording transactions as follows:#### Columns:- **Date**: When the transaction occurs.- **Explanation**: Description or reference for the transaction.- **Post Ref**: Posting reference for additional documentation.- **Debit**: Amount debited to the account.- **Credit**: Amount credited to the account.- **Cr. Balance**: Credit balance after the transaction.### Company Entries#### ARIS CO.- **April 9**: - Debit: 350- **April 14**: - Debit: 750 - Credit: 300 - **Credit Balance**: 800#### BROWN CO.- No transaction details are provided.#### MOOSE CO.- **December 1**: - Debit: 135- **December 12**: - Debit: 400- **December 18**: - Debit: 850 - **Credit Balance**: 2700#### READY CO.- **January 1**: - Debit: 700- **January 17**: - Debit: 640 - **Credit Balance**: 1340### Additional NotesAt the bottom of the spreadsheet, there are tabs indicating various parts of the workbook, which include "Gen. Journal," "Ledger," and "AP Schedule," suggesting comprehensive financial record-keeping.This layout assists organizations in tracking individual creditor activities, ensuring accurate financial management and reporting. **Chapter 10: Purchases and Cash Payments in a Perpetual Inventory System****Overview**This section covers the accounting process for purchases and cash payments within a perpetual inventory system. It includes instructions for journalizing transactions, recording and posting in the general ledger, and preparing a schedule of accounts payable.---**Transactions for 20XX****May:**- **4th:** Bought $600 of merchandise on account from Wales Co., invoice no. 442, dated May 5; terms 3/10, n/30.- **5th:** Bought $4,600 of store equipment on account from Kingston Co., invoice no. 502, dated May 6.- **8th:** Bought $1,700 of merchandise on account from Rolo Co., invoice no. 401, dated May 9; terms 3/10, n/30.- **14th:** Bought $1,000 of store supplies on account from Wales Co., invoice no. 419, dated May 14.**Instructions:**As the accountant for Riley’s Natural Food Store, execute the following tasks:1. Journalize the transactions in the general journal.2. Record and post as appropriate using the perpetual method.3. Prepare a schedule of accounts payable.Be sure to record the following beginning balances: - Aris Co., $350- Brown Co., $800- Moose Co., $1,350- Ready Co., $700- Merchandise Inventory, $19,000- Accounts Payable, $3,200**Check Figure:** Accounts payable should total $7,900.---**20Y1 Transactions:****April:**- **8th:** Purchased $750 of merchandise on account from Aris Co., invoice no. 400, dated April 9; terms 5/10, n/60.- **10th:** Purchased $1,350 of merchandise on account from Brown Co., invoice no. 420, dated April 11; terms 5/10, n/60.- **12th:** Purchased $400 of store supplies on account from Moose Co., invoice no. 510, dated April 13.- **14th:** Issued debit memo no. 8 to Aris Co. for merchandise returned, $300, from invoice no. 400.- **17th:** Purchased $640 of office equipment on account from Ready Co

A journal entry refers to recording of either economic or non-economic transactions of an entity. An…

Answered: As the accountant for Riley's Natural…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q