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.
Requirement-2:
To prepare:
We have to prepare
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
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