Answered: LARRY CARPENTER Balance Date Post. Ref.…

LARRY CARPENTER Balance Date Post. Ref. Debit Dec. 1 Credit Debit Credit 1,800 12 PA 2,340 4, 140 3,940 2,440 20 J.10 200 29 CP.6 1,500

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 payable subsidiary ledger

A vendor account in the accounts payable subsidiary ledger of Frost Company follows.

Describe the three posted transactions.

LARRY CARPENTER
Balance
Date Post. Ref. Debit
Dec. 1
Credit
Debit
Credit
1,800
12
PA
2,340
4, 140
3,940
2,440
20
J.10
200
29
CP.6
1,500

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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