General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries. Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger. To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

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Answer 1

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Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

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Answer 2

Question

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

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Answer 4

Question

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

Answer 6

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

Answer 7

Chapter 7, Problem 16Q

To determine

General Ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.

Subsidiary Ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To determine: The example of a transaction in general journal for which entry will be posted twice and the effect of this transaction on the general ledger.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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