3rd Edition

ISBN: 9781323761434

Author: Horngren

Publisher: PEARSON C

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

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Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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Textbook Question

Chapter 7, Problem S7.5SE

Posting transactions from a sales journal to a subsidiary ledger and general ledger

Learning Objective 2

Review your results from Short Exercise 7-4.

Requirements

Total each column of the sales journal.
Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable-Frank; Accounts Receivable-Jack; Accounts Receivable-Thompson; Accounts Receivable-West; Post the transactions to the accounts receivable subsidiary ledger.
Open the following selected four-column accounts in the general ledger: Accounts Receivable (112): Merchandise Inventory (118), Bal, $5,000; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general ledger.
Balance the total of the customer ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger.

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Chapter 7, Problem S7.4SE

Chapter 7, Problem S7.6SE

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Make a general ledger for each account title from the general journal below.

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Chapter 7 Solutions

ACCOUNTING PRINCIPLES V1 6/17 >C<

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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