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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 accounts receivable and accounts payable subsidiary ledger accounts?
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
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