Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter C, Problem C.21E
1.
To determine
The total balance of each column of the purchases journal.
2.
To determine
To post: The transactions from the purchases journal to the general ledger.
3.
To determine
To post: The transactions from purchases journal to the accounts payable subsidiary ledger.
4.
To determine
The total balance of vendor in the accounts payable subsidiary ledger and match it with the total balance of accounts payable in the general ledger.
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Posting from the purchases journal; balancing the ledgers
The purchases journal of Southeastern Publishing Company follows:
Requirements
Total each column of the purchases journal.
Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts.
Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, jell Supply, and Leap Tech. Post from the purchases journal. Use dates and Posting references in the ledger accounts.
Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger.
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate.
Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references.
Accounts Receivable Subsidiary Ledger
Henry Co.
Lincoln Co.
Now post to the partial general ledger. Use transaction dates as posting references.
Partial General Ledger
Accounts Receivable 112
Merchandise Inventory 142
Sales 411
Cost of Goods Sold 505
Using the five journals as named here:
. Sales, Purchases, Cash Receipts, Cash Disbursements, and General
and using the following as possible column header titles:
• Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or None
and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system:
| Accounts Payable
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
. On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945.
. On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460
• On Jul. 22, received payment from Smith Mfg. who bought 30 items for $5,000 on July 8 with terms 2/10 n/30…
Chapter C Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. C - Prob. 1QCCh. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Centex Sound Systems purchased merchandise...Ch. C - Every transaction recorded in the cash payments...Ch. C - Prob. 8QCCh. C - Prob. 9QCCh. C - What is an accounting information system (AIS)?
Ch. C - Prob. 2RQCh. C - Explain the three basic components of an...Ch. C - Prob. 4RQCh. C - What is the purpose of a subsidiary ledger?Ch. C - Prob. 6RQCh. C - List the four special journals often used in a...Ch. C - Explain the posting process of the sales journal.Ch. C - Provide some examples of transactions that would...Ch. C - Explain the posting process of the cash payments...Ch. C - When is the general journal used in a manual...Ch. C - Prob. 14RQCh. C - Prob. 15RQCh. C - Prob. 16RQCh. C - How would a business record a sale of services on...Ch. C - Prob. 18RQCh. C - Evaluating features of an effective accounting...Ch. C - Prob. C.2SECh. C - Identifying special journals Use the following...Ch. C - Prob. C.4SECh. C - Prob. C.6SECh. C - Prob. C.8SECh. C - Prob. C.9SECh. C - Prob. C.10SECh. C - Posting transactions from a cash payments journal...Ch. C - Prob. C.12SECh. C - Prob. C.13SECh. C - Recording transactions-sales journal Feb. 1 Sold...Ch. C - Prob. C.15ECh. C - Prob. C.16ECh. C - Prob. C.17ECh. C - Prob. C.18ECh. C - Prob. C.19ECh. C - Prob. C.20ECh. C - Prob. C.21ECh. C - Prob. C.22ECh. C - Prob. C.23ECh. C - Prob. C.24APCh. C - Using the purchases, cash payments, and general...Ch. C - Prob. C.26APCh. C - Prob. C.27BPCh. C - Prob. C.28BPCh. C - Prob. C.29BPCh. C - Prob. C.30CPCh. C - Prob. C.31PSCh. C - Prob. 1COPCh. C - Prob. C.1CTDCCh. C - Didrikson Rubin, the auditor of Red Barn Farm...Ch. C - Communication Activity C-1 In 150 words or fewer,...
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