Prepare the general ledger accounts and the accounts payable ledger accounts.

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Answer 1

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

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Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. Purchased inventories on credit Sales of inventory on credit Received payment of a customer’s account Payment of monthly rent by cheque End of period closing entries Week 7 Below is information about Lisa Ltd’s cash position for the month of June 2019. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank…

The cash payments and purchases journals for Bill's Landscaping Co. are shown below. The accounts payable control account has an April 1, 2019, balance of $6,986, consisting of an amount owed to Augusta Sod Co. CASH PAYMENTS JOURNAL Page 38 Other Accounts Ck. Post. Accounts Payable Cash Date No. Account Debited Ref. Dr. Dr. Cr. 2019 Apr. 4 106 Augusta Sod Co. 107 Utilities Expense 6,986 6,986 Apr. 5 54 642 642 Apr. 15 108 Kimble Lumber Co. 3,644 3,644 2,872 13,502 Apr. 27 109 Schott's Fertilizer 2,872 Apr. 30 642 14,144 (V) (21) (11) PURCHASES JOURNAL Page 22 Landscaping Supplies Accounts Other Post. Payable Accounts Post. Date Account Debited Ref. Cr. Dr. Dr. Ref. Amount 2019 Apr. 3 Kimble Lumber Co. 3,644 3,644 7,807 Apr. 5 Apr. 14 Cooke Equipment Co. Equipment 18 7,807 Schott's Fertilizer 2,872 2,872 Apr. 24 Augusta Sod Co. 4,251 4,251 Apr. 29 Kimble Lumber Co. 9,091 9,091 Apr. 30 27,665 19,858 7,807 (21) (14) (V) Prepare the accounts payable subsidiary ledger, and determine that…

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Answer 2

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 6

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

Answer 7

Chapter 8, Problem 3PA

1.

To determine

Prepare the general ledger accounts and the accounts payable ledger accounts.

Answer 8

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Answer 9

2.

To determine

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Answer 10

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 11

3.

To determine

Create a schedule of accounts payable and compare it with the accounts payable control account.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQ Ch. 8 - Prob. 1.4SRE Ch. 8 - Prob. 1.5SRE Ch. 8 - Prob. 1.6SRA Ch. 8 - Prob. 2.1SRQ Ch. 8 - Prob. 2.2SRQ Ch. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...

Prepare the general ledger accounts and the accounts payable ledger accounts.

Solution Summary: The author explains how the general ledger accounts and accounts payable accounts are prepared.

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Prepare the general ledger accounts and the accounts payable ledger accounts.

Record the general journal into the general ledger accounts and the accounts payable ledger accounts.

Create a schedule of accounts payable and compare it with the accounts payable control account.

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Chapter 8 Solutions