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Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 5, Problem 12E
To determine
Identify the type of ledger accounts for given cash payment transactions.
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Students have asked these similar questions
Identify postings from cash payments journalUsing the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true?
A. "Pre-numbered documents" can be an example of three of the five elements.
B. "Schedule of accounts receivable" can be an example of all five elements.
C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true.
D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required.
CASH PAYMENTS JOURNAL
Page 46
Date
Ck.No.
Account Debited
Post.Ref.
OtherAccountsDr.
AccountsPayableDr.
Cash Cr.
20Y1
July 3
611
Energy Systems Co.
(a)
4,000
4,000
July 5
612
Utilities Expense
(b)
310
310
July 10
613
Prepaid Rent
(c)
3,200
3,200
July 16
614
Flowers to Go, Inc.
(d)
1,250
1,250
July 19
615
Advertising Expense
(e)
640
640
July 22
616
Office Equipment
(f)
3,600
3,600
July 25
617
Echo Co.
(g)
5,500
5,500
July 26
618
Office Supplies
(h)
250
250
July 31
619
Salaries Expense
(i)
1,750
1,750
July 31
9,750
10,750
20,500
(j)
(k)
(l)
Post reference represents:
a.
b.
c.
d.
e.
f.
g.…
Chapter 5 Solutions
Financial Accounting
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - In recording 400 fees earned on account during a...Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Assuming the use of a two-column general journal,...Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - When are transactions posted in a computerized...Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - The following revenue transactions occurred during...Ch. 5 - Prob. 1PEBCh. 5 - The debits and credits from two transactions are...Ch. 5 - The debits and credits from two transactions are...Ch. 5 - The following purchase transactions occurred...Ch. 5 - The following purchase transactions occurred...Ch. 5 - The debits and credits from two transactions are...Ch. 5 - Prob. 4PEBCh. 5 - McHale Company does business in two customer...Ch. 5 - Prob. 5PEBCh. 5 - Using the following revenue journal for Bowman...Ch. 5 - Based on the data presented in Exercise 5-1,...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - The debits and credits from three related...Ch. 5 - Horizon Consulting Company had the following...Ch. 5 - The revenue journal for Sapling Consulting Inc....Ch. 5 - Prob. 8ECh. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Lasting Summer Inc. has 2,510 in the October 1...Ch. 5 - Using the following purchases journal, identify...Ch. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Guardian Services Inc. had the following...Ch. 5 - Prob. 15ECh. 5 - The cash payments and purchases journals for...Ch. 5 - Transactions related to purchases and cash...Ch. 5 - Happy Tails Inc. has a September 1, 20Y4, accounts...Ch. 5 - After Bunker Hill Assay Services Inc. had...Ch. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Most computerized accounting systems use...Ch. 5 - Prob. 23ECh. 5 - For each of the following companies, determine...Ch. 5 - Prob. 25ECh. 5 - Prob. 26ECh. 5 - Prob. 27ECh. 5 - Sage Learning Centers was established on July 20...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Sterling Forest Landscaping designs and installs...Ch. 5 - Prob. 4PACh. 5 - The transactions completed by Revere Courier...Ch. 5 - Guardian Security Services was established on...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Plumb Line Surveyors provides survey work for...Ch. 5 - Prob. 4PBCh. 5 - The transactions completed by AM Express Company...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Prob. 3CPCh. 5 - The following conversation took place between...Ch. 5 - A subsidiary ledger is used for accounts...Ch. 5 - For the past few years, your client, Omni Care,...
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Similar questions
- Describe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.arrow_forwardRecord the following transactions in the cash receipts journal.arrow_forwardHow often do we post the cash column in the cash receipts journal to the subsidiary ledger?arrow_forward
- All sales, for cash or on credit, can be recorded in the general journal.arrow_forwardRecord the following transactions in the cash disbursements journal:arrow_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forward
- Match the transactions below with the journal or ledger in which it would be entered. Clear All Cash receipts journal Cash payments journal Accounts payable subsidiary ledger Record payment received from customer Record payment made to vendor Cash payment posting to an individual vendor accountarrow_forwardWhen posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Casharrow_forwardDescribe and use the cash payments journal. What steps are followed in posting from cash payments journal to the accounts payable ledger?arrow_forward
- If a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?arrow_forwardYou are to enter the following items in the daybooks and show the transfers to the general ledger. Please note transfers to the receivables/payable’s ledgers are not required.arrow_forward
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