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Concept Introduction:
General Journal:
The transactions which are not recorded in the sales, purchase, cash receipt and cash payment journals are recorded in the general journal.
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 1:
To Prepare:
Prepare general journal, purchase journal, and cash payments journal.
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 2:
To Prepare:
Open all the general ledger accounts concerned with the transactions which occurred in the month of April and also prepare all the accounts payable subsidiary ledger accounts?
Concept Introduction:
Journal:
The recording of financial transactions are known as Journal .
Requirement 3:
To Verify:
Verify that amounts that should be posted as individual amounts from the journals have been posted.
Concept Introduction:
The listing of all accounts in debits and credits is known as Trial balance.
Requirement 4:
To Prepare:
(a) Prepare a trial balance of the general ledger.
(b) Prove the accuracy of the subsidiary ledgers by preparing schedule of accounts payable
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Chapter 7 Solutions
FUND.ACCT.PRINC.(LL) 25E <C> W/ CONNECT
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