The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side. The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments. Requirement-1: To Prepare: We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

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Answer 1

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 6

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

Answer 7

Chapter 7, Problem P7.29BPGB

To determine

Concept Introduction:

The four column general ledger is ledger account in which the balance column is divided into two parts i.e. debit and credit side.

The subsidiary ledgers are the ledgers which are used to keep a track record of customer and vendors transactions at each individual vendor and customer level. There are special ledgers which are used to maintain special nature of transactions such as sales journal for credit sale transactions, purchase journal for credit purchase transactions, cash receipt and cash disbursement journal for cash receipts and cash payments.

Requirement-1:

To Prepare:

We have to open four column general ledgers for all ledger accounts of Kingston Computer Security indicating opening balance as on March,1 2016.

Answer 8

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Answer 9

To determine

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Answer 10

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Answer 11

To determine

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Answer 12

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Answer 13

To determine

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Answer 14

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Answer 15

To determine

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Answer 16

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 17

To determine

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

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Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Want to see the full answer?

Chapter 7 Solutions

Videos

Requirement-2: To prepare: We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3: To prepare: We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4: To prepare: We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5: To prepare: We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6: To prepare: We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.

Want to see the full answer?

Chapter 7 Solutions

Requirement-2:

To prepare:

We have to prepare accounts receivable and accounts payable subsidiary ledgers with opening balances as of March,1 .

Requirement-3:

To prepare:

We have to prepare cash receipt journal, cash payment journal, sales journal, purchase journal and general journal and have to posting the entries into journals from the transactions given in question.

Requirement-4:

To prepare:

We have to post accounts receivable and accounts payable entries to the subsidiary ledgers of accounts payable and accounts receivable.

Requirement-5:

To prepare:

We have to prepare the total column of purchase journal, sales journal, cash receipt journal, cash disbursement journal showing total debit and total credits calculated in requirement-3 and have to post all journals into general ledgers.

Requirement-6:

To prepare:

We have to prepare trial balance as of March 31 and have to match the total of accounts receivable and accounts payable ledger with the subsidiary ledgers.