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Concept Introduction:
General Ledger:
The grouping of similar nature transactions of a business that helps to prepare the financial statement is known as General ledger.
Subsidiary Ledger:
It is the supporting ledger for preparing the general ledger that gives detailed information.
Requirement 1:
To Prepare:
Open all the general ledger accounts concerned with the transactions which occurred in the month of March and prepare all the
Concept Introduction:
Sales Journal:
Sales journal is concerned with all the credit sales occurred during an accounting period.
Cash Receipt Journal:
The specific journal where all the
Purchase Journal:
The journal where all the credit purchases are recorded is termed as purchase journal.
Cash Payment Journal:
Cash payment journal shows all the cash payment made by the business organization.
Requirement 2:
To Show:
Show all these transactions in a sales journal, purchase journal, cash receipts journal, cash payments journal, or general journal.
Concept Introduction:
The listing of all accounts in debits and credits is known as Trial balance.
Requirement 3:
To Prepare:
(a) Prepare a trial balance of the general ledger.
(b) Prove the accuracy of the subsidiary ledgers by preparing schedule of both accounts receivable and accounts payable.
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Chapter 7 Solutions
Connect Access Card For Fundamental Accounting Principles
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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