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Need an example, how to set up the General Ledger accounts, Accounts Receivable, and Accounts Payable...

Need an example, how to set up the General Ledger accounts, Accounts Receivable, and Accounts Payable accounts. And how to Journalized entries from the same Narrative of Transactions.   

Then, Post the general journal entries to the General Ledger, the Accounts Receivable Ledger, and the Accounts Payable Ledger. Use the Post Ref. column to ensure that each line item of the journal entries is posted correctly to each general ledger account. Please note that I need a sample example. Thanks.

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Answer #1

General Ledger account is used to store the transactions happened in any company which can be used to prepare balance sheet and income statement. Examples are cash, account payable, accounts receivable etc . Let us take the sample transactions below:

1) On Jan 10th provided services on account for $10000

2) On Jan 15th Purchases supplies on account for $400

The journal entries for above are :

1) Accounts receivable (db)$10000

Service revenue (cr)$10000

2)Supplies (db)$400

Accounts payable(cr) $400

General Journal:

Date

Account title

Post Ref

Debit

Credit

Jan 10th

Accounts Receivable

100

$10000

Jan 10th

Service Revenue

101

$10000

Jan 15th

Supplies

110

$400

Jan 15th

Accounts payable

111

$400

Accounts Receivable:

Date

Post Ref

Debit

Credit

Balance

Jan 10th

100

$10000

$10000

Accounts Payable:

Date

Post Ref

Debit

Credit

Balance

Jan 15th

111

$400

$400

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