Control account It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements. Subsidiary Ledger Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker. To Compute: The ending accounts payable for the month of January.

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Answer 1

Question

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

(c)

To determine

To Compute: The ending cash balance for the month of January.

(d)

To determine

To Compute: The ending inventory for the month of January.

(e)

To determine

To Compute: The ending sales revenue for the month of January.

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Answer 2

Question

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

(c)

To determine

To Compute: The ending cash balance for the month of January.

(d)

To determine

To Compute: The ending inventory for the month of January.

(e)

To determine

To Compute: The ending sales revenue for the month of January.

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Answer 3

Question

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

(c)

To determine

To Compute: The ending cash balance for the month of January.

(d)

To determine

To Compute: The ending inventory for the month of January.

(e)

To determine

To Compute: The ending sales revenue for the month of January.

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Answer 4

Question

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

(c)

To determine

To Compute: The ending cash balance for the month of January.

(d)

To determine

To Compute: The ending inventory for the month of January.

(e)

To determine

To Compute: The ending sales revenue for the month of January.

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Answer 5

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

(c)

To determine

To Compute: The ending cash balance for the month of January.

(d)

To determine

To Compute: The ending inventory for the month of January.

(e)

To determine

To Compute: The ending sales revenue for the month of January.

Answer 6

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

Answer 7

Chapter J, Problem 14E

(a)

To determine

Control account

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

To Compute: The ending accounts payable for the month of January.

Answer 8

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

Answer 9

(b)

To determine

To Compute: The ending accounts receivable for the month of January.

Answer 10

(c)

To determine

To Compute: The ending cash balance for the month of January.

Answer 11

(c)

To determine

To Compute: The ending cash balance for the month of January.

Answer 12

(d)

To determine

To Compute: The ending inventory for the month of January.

Answer 13

(d)

To determine

To Compute: The ending inventory for the month of January.

Answer 14

(e)

To determine

To Compute: The ending sales revenue for the month of January.

Answer 15

(e)

To determine

To Compute: The ending sales revenue for the month of January.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. J - Prob. 1Q Ch. J - Prob. 2Q Ch. J - Prob. 3Q Ch. J - Prob. 4Q Ch. J - Prob. 5Q Ch. J - Prob. 6Q Ch. J - Prob. 7Q Ch. J - Prob. 8Q Ch. J - Prob. 9Q Ch. J - Prob. 10Q

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To Compute: The ending accounts receivable for the month of January.

To Compute: The ending cash balance for the month of January.

To Compute: The ending inventory for the month of January.

To Compute: The ending sales revenue for the month of January.

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