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.
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 |
Need an example, how to set up the General Ledger accounts, Accounts Receivable, and Accounts Payable...
Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to whether they’re debits or credits. Use the Post Ref. column to ensure that each line item of the journal entries is posted correctly to each general ledger account. Posting from the journal to the general ledger is simply rearranging the information. J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,260. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,260. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,360. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,730. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,420. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,610. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,740. Post revenue and collections...
Revenue and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers Transactions related to revenue and cash receipts completed by Affiliate Engineering Services during the period June 2–30 are as follows: June 2. Issued Invoice No. 717 to Yee Co., $2,210. 3. Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $1,040. 10. Issued Invoice No. 719 to Ridge Communities, $4,390. Post revenue and collections to the accounts...
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Part two required: 1. set up in Accounts Payable subsidiary ledger for the old English garden shop open an account for each of the creditors listed below and enter the balances as of July 1. 2. post the individual entries from the purchases journal and the general journal prepared and part 1. 3. prepare a schedule of accounts payable for July 31, 2019. 4. check the total of the schedule of accounts payable against the balance of the accounts payable...
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What is the van, notes payable, accounts payable & Kris Storey Capital? Van 18 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2019 June Notes Payable 21 Post Balance Ref. Cr. Date Item Dr. Crг. Dr. 2019 June Enter as a formula calling on amounts in the trial balance. Dr. Accounts Payable 22 Balance Date Item Cr. Dr. Cr. 2019 June Kris Storey, Capital 31 Post Balance Cr. Ref. Cr. Date Item Dr. Dr. 2019 June Required: 1. Journalize...