Answered: JOSH WILLOW Balance Date Post. Ref.…

JOSH WILLOW Balance Date Post. Ref. Debit Credit Debit Credit 400 Nov. 1 1,580 1,390 5.5 1,180 190 18 J.8 30 CR.9 700 690

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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Question

Identifying transactions in the accounts receivable subsidiary ledger

A customer account in the accounts receivable subsidiary ledger of Leger Old Company follows:

Describe the three posted transactions.

JOSH WILLOW
Balance
Date Post. Ref. Debit Credit
Debit
Credit
400
Nov. 1
1,580
1,390
5.5
1,180
190
18
J.8
30
CR.9
700
690

Definition Definition Act of publishing journal entries in their respective general ledger accounts to create a consolidated view of an account. At the end of the fiscal year, ledger accounts are balanced and account balances in every ledger are consolidated together to create the trial balance.

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