Indicate the steps followed in posting the cash payments from general journal to the accounts payable ledger.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11, Problem 11RQ

To determine

Indicate the steps followed in posting the cash payments from general journal to the accounts payable ledger.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600.Self-Employment tax =

Q2: During the current year, Fortini Company disposed of three different assets. The company’s accounts reflected the following on January 1 of the current years, prior to the disposal of the assets: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight line) Machine A$21k3k8 yr$15750 (7 years) Machine B50k4k10 yr36.8k (8 years) Machine C75k3k12 yr60k (10 years) The machines were disposed of in the following ways: Machine A: Sold on January 1 of the current year for $5,000 cash. Machine B: Sold on April 1 for $10,500; received cash, $2,500, and a note receivable for $8,000, due on March 31 of the following year, plus 6 percent interest. Machine C: Suffered irreparable damage from an accident on July 2. On July 10, a salvage company removed the machine at no cost. The machine was insured, and $18,000 cash was collected from the insurance company. Required: 1. Prepare all journal…

Question 2 U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows: Balance 1.1.2010 1890 Receipts from $44656 debtors Creditors Loan from U. Miller $2.000 Rates Rent Drawings Cash withdrawn from bank $540 0 Payment to Trade $316 95 2750 1316 3095 1642 Sundry Expense Records of cash paid were sundry $122, trade creditors $642. Cash sales amounted to cash drawings were $5289. The following information is also available: 31.12.201 31.12.2 0 011 Cash in hand $48 $93 Trade creditors $4896 $5091 Accounts Receivables 60 $71 13 32 Rent Owing $250 Rates in Advance $282 $312 Motor van (at valuation) 2800 2400 Stock 11163 13021 Required: A. Statement of Affairs. (to find opening capital as at 31.12.2010) B. Cash Account & Bank Account. C. Accounts Receivables & Accounts Payables Control A/Cs. D. Income Statement for the year ended 31 December 2011.