12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

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

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 7, Problem S7.7SE

Posting transactions from a cash receipts journal to a subsidiary ledger and general ledger
Learning Objective 2
Review your results from Short Exercise $7-6
Requirements

Total each column of cash receipts journal.
Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable-Dylan, Bal $5,280, Accounts Receivable-Next, Bal. $2,250. Post the transactions to the accounts receivable subsidiary ledger.
Open the following selected four-column accounts in the general ledger: Cash (111), Bal. $4,550; Accounts Receivable (112), Bal, $7,530; Merchandise Inventory (118), bal $3,250; Sales Revenue (411), Bal. $25,000; Sales Discounts Forfeited (412); Interest Revenue (419); Cost of Goods Sold (511), Bal. $14,500. Post the total of each column to the general ledger. Also, post the Other Accounts 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 S7.6SE

Chapter 7, Problem S7.8SE

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Horngren's Accounting (12th Edition)

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