Purchase journal Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account. General Ledger General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account. Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger. To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

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How much is the labor rate variance? Solve this question general Accounting

Answer 1

Question

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

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Answer 2

Question

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

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Answer 3

Question

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

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Answer 4

Question

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

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Answer 5

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

Answer 6

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

Answer 7

Chapter 5, Problem 5.11EX

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify: The postings to be done in (1) General ledger accounts or (2) Subsidiary ledger accounts or (3) No posting is required.

Answer 8

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Answer 19

Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQ Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQ Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - When are transactions posted in a computerized...Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ

Solution Summary: The author explains that purchase journal is used to record all purchases on account. General Ledger records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses.

Chapter 5 Solutions