PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNALPage 79DR Accts.DR COGS CRReceivableMerchandiseDateAccountInvoice No.Ref.CR SalesInventory2019Feb. 4Evert Company (E123)King Inc. (K331)Martina Inc. (M132)174331,000.00Feb. 817434775.30Feb. 14174352,301.99Feb. 16Shriver Company (S101)17436500.00 SALES JOURNALPage 102AccountsSalesReceivable,Sales, or OtherDiscountsDateAccountInvoice No.Ref.Cash DRDRAccounts CR2019Feb. 1Cash Sales465465Payment from EvertFeb. 15 Bank loan (230)Feb. 21 Payment from Shriver Co.Feb. 517239801,0002,0002,000171950050020

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Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.

Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.

SALES JOURNAL
Page 79
DR Accts.
DR COGS CR
Receivable
Merchandise
Date
Account
Invoice No.
Ref.
CR Sales
Inventory
2019
Feb. 4
Evert Company (E123)
King Inc. (K331)
Martina Inc. (M132)
17433
1,000.00
Feb. 8
17434
775.30
Feb. 14
17435
2,301.99
Feb. 16
Shriver Company (S101)
17436
500.00

SALES JOURNAL
Page 102
Accounts
Sales
Receivable,
Sales, or Other
Discounts
Date
Account
Invoice No.
Ref.
Cash DR
DR
Accounts CR
2019
Feb. 1
Cash Sales
465
465
Payment from Evert
Feb. 15 Bank loan (230)
Feb. 21 Payment from Shriver Co.
Feb. 5
1723
980
1,000
2,000
2,000
1719
500
500
20

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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PA4. LO 7.4Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
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Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.
What is a sub-ledger? Group of answer choices a master set of account a trial balance subsidiary ledger a written code