Question: Set up general ledger accounts using the chart of accounts provided
Set up general ledger accounts using the chart of accounts provided in Exercise 4-4B. Post the transactions from Exercise 4-4B to the general ledger accounts and prepare a trial balance.
Answer to relevant QuestionsFrom the information in Exercises 4-4B and 4-5B, prepare an income statement, a statement of owner’s equity, and a balance sheet.Assuming that all entries have been posted, prepare correcting entries for each of the following errors.1. The following entry was made to record the purchase of $400 in equipment on account:Supplies 142 400Cash 101 ...What steps are followed in posting sales from the general journal to the general ledger?Based on the following information, compute net sales. Gross sales $3,580Sales returns and allowances 428Sales discounts 73Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Owens Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees ...
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