Explanation Ledgers: Ledgers are T accounts to which journal entries are posted. They are used to ascertain the transactions of a particular account and its closing balance for the period. Prepare cash account in general ledger: Cash Date Particular Post Ref. Debit ($) Credit ($) Balance ($) September 1, 2019 ZM-Capital 30,000 30,000 September 16, 2019 Automobile 15,000 15,000 September 20, 2019 Supplies 260 14,740 September 23, 2019 Supplies 85 14,825 September 30, 2019 DN Incorporation 2,100 12,725 September 30, 2019 ZM-Capital 1,500 11,225 September 30, 2019 Rent Expense 3,500 7,725 September 30, 2019 Fee Income 7,325 15,050 September 30, 2019 Telephone Expense 220 14,830 Table (1) Prepare ZM-Capital account in general ledger: ZM-Capital Date Particular Post Ref. Debit ($) Credit ($) Balance ($) September 1, 2019 Cash 30,000 ( 30 , 000 ) September 30, 2019 Cash 1,500 ( 28 , 500 ) Table (2) Prepare Equipment account in general ledger: Equipment Date Particular Post Ref. Debit ($) Credit ($) Balance ($) September 4, 2019 DN Incorporation 3,250 3,250 Table (3) Prepare DN Incorporation account in general ledger: DN Incorporation Date Particular Post Ref. Debit ($) Credit ($) Balance ($) September 4, 2019 Equipment 3,250 ( 3 , 250 ) September 30, 2019 Cash 2,100 ( 1 , 150 ) Table (4) Prepare Automobiles account in general ledger: Automobiles Date Particular Post Ref

LooseLeaf for College Accounting: A Contemporary Approach

4th Edition

ISBN: 9781259995057

Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina

Publisher: McGraw-Hill Education

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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Chapter 4, Problem 3E

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Prepare ledger accounts for the given journal entries.

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Chapter 4, Problem 2E

Chapter 4, Problem 4E

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Chapter 4 Solutions

LooseLeaf for College Accounting: A Contemporary Approach

Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQ Ch. 4 - Prob. 1.5SRQ Ch. 4 - Prob. 1.6SRA Ch. 4 - Prob. 2.1SRQ Ch. 4 - Prob. 2.2SRQ Ch. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE

Ch. 4 - Prob. 2.5SRE Ch. 4 - Prob. 2.6SRA Ch. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSR Ch. 4 - Prob. 3CSR Ch. 4 - Prob. 4CSR Ch. 4 - Prob. 5CSR Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQ Ch. 4 - Prob. 6DQ Ch. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 9DQ Ch. 4 - Prob. 10DQ Ch. 4 - Prob. 11DQ Ch. 4 - Prob. 1E Ch. 4 - Prob. 2E Ch. 4 - Prob. 3E Ch. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5E Ch. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PA Ch. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PA Ch. 4 - Prob. 1PB Ch. 4 - Prob. 2PB Ch. 4 - Prob. 3PB Ch. 4 - Prob. 4PB Ch. 4 - Prob. 1CTP Ch. 4 - Prob. 2CTP Ch. 4 - Prob. 1MF Ch. 4 - Prob. 2MF Ch. 4 - Prob. 3MF Ch. 4 - Prob. 4MF Ch. 4 - Prob. 1ED

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