Cash Payments Journal Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal. 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. The most common subsidiary ledgers are: 1. Accounts Receivable subsidiary ledger. 2. Accounts Payable subsidiary ledger. To journalize: the transactions in a cash payment journal.

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Answer 1

Question

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

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Answer 2

Question

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

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Answer 3

Question

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

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Answer 4

Question

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

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Answer 5

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

Answer 6

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

Answer 7

Chapter J, Problem 2P

(a)

To determine

Cash Payments Journal

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To journalize: the transactions in a cash payment journal.

Answer 8

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

Answer 9

(b)

To determine

To prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

Answer 10

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

Answer 11

(c)

To determine

To Prove: the agreement of control account and subsidiary account balances.

Answer 12

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Answer 13

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Answer 15

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 prepare: the beginning balance and post transactions in the accounts payable control and subsidiary account.

To Prove: the agreement of control account and subsidiary account balances.

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