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Accounting 5th Edition Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones - Solutions
Lafferty Framing Co. began March with 73 units of inventory that cost $23 each. During the month, Lafferty made the following purchases: March 4 113 @ $26 12 81 @ 30 19 167 @ 32 25 44 @ 35 The company uses the periodic inventory system, and the physical count at March 31 includes 51 units. Required
P9-5B The records of Heavenly Confection Co. include the following accounts at December 31 of the current year: INVENTORY Jan. Balance (700 units $6.45) 4,515 PURCHASES Jan. 6 300 units $7.05 2,115 Mar. 19 1,100 units 7.35 8,085 June 22 8,400 units @ 7.50 63,000 Oct. 4 500 units 8.50 4,250 Dec. 31
P9-6B The Army/Navy Surplus Store has experienced lackluster sales, and some of the company's merchandise is gathering dust. It is now December 31, 20X2. and the current replacement cost of the ending inventory is $650,000 below what Army/Navy actually paid for the goods, which was $4,900.000.
P9-7B The Lamarque Copper Company books show the data (in thousands) on page 435. In early 20X3, internal auditors found that the ending inventory for 20X0 had been overstated by $8 thousand and that the ending inventory for 20X2 had been understated by $4 thou- sand. The ending inventory at
P9-8B Beaucock Publishing estimates its inventory by the gross profit method when prepar- ing monthly financial statements. The gross profit has averaged 43% of net sales. The com- pany's inventory records reveal the following data (amounts in thousands: Inventory, July 1. Transactions during July:
P9-9B + Link Back to Chapter 5 (Merchandiser's Income Statement and Balance Sheet). Lands' End, Inc., uses a perpetual inventory system and the LIFO method to determine the cost of its inventory. During a recent year. Lands' End reported the following items (adapted) in its financial statements
a's Shoes is nearing the end of its first year of operations. The company made inventory purchases of $745,000 during the year, as follows: January 1,000 units @ SIOO.OO = 5100,000 July 4,000 121.25 485,000 November 1,000 160.00 160,000 Totals 6,000 $745,000 Sales for the year will be 5,000 units
Case 2. The inventory costing method a company chooses can affect the financial statements and thus the decisions of the people who use those statements. Required 1. A leading accounting researcher stated that one inventory costing method reports the most recent costs in the income statement, while
During 20X2. Darden Furniture Company changed to the LIFO method of accounting for inventory. Suppose that during 20X3. Darden changes back to the FIFO method and the fol- lowing year switches back to LIFO again. Required 1. What would you think of a company's ethics if it changes accounting
The notes are an important part of a company's financial statements, giving valuable details that would clutter the tabular data presented in the statements. This case will help you learn to use a company's inventory notes. Refer to the Target financial statements and related notes in Appendix A
**Link Back to Chapter 5 (Gross Profit Percentage and Inventory Turnover). Obtain the annual reports of as many companies as you have team members-one company per team member. Most companies post their financial statements on their Web sites. Required 1. Identify the inventory method used by each
General Motors (GM) remains the world's Number I maker of cars and trucks, including the Buick, Cadillac, Chevrolet. GMC. Oldsmobile. Pontiac, and Saturn brands. 1. In the past, General Motors has also been ranked Number I in the Fortune 500 listing. Go to http://www.Fortune.com and under "Lists"
Horizon Energy Corp. sells on account. When a customer account becomes two months old, Horizon converts the account to a note receivable. During 20X2. Horizon com- pleted these transactions: Aug. 29 Sold goods on account to M. Tallus. $5.400. Nov. 1 Received a $5.400, 60-day, 10% note from M.
Bernstein Bros., a clothing store, reported the following amounts in its 20X3 financial statements. The 20X2 figures are given for comparison.Current assets: Cash Short-term investments. Accounts receivable. Less: Allowance for uncollectibles.... Inventory Prepaid insurance Total current assets.
Slazenger Sporting Equipment sells on store credit and manages its own receivables. Average experience each year for the past three years has been as follows: Sales Cost of goods sold.. Uncollectible-account expense. Other expenses.. Total $350.000 210,000 4.000 61.000 Bruce Slazenger, the owner,
On February 28, Signa, Inc., had a $75.000 debit balance in Accounts Receivable. During March. Signa made sales of $445,000, all on credit. Other data for March include Collections on account. $422.600. Required Write-offs of uncollectible receivables. $3,500. 1. Record sales and collections on
The June 30, 20X4. balance sheet of Delforce Associates, Inc., reports the following: Accounts Receivable Allowance for Uncollectible Accounts (credit balance). $265,000 7,100 At the end of each quarter, Delforce estimates uncollectible-account expense to be 2% of credit sales. At the end of the
Link Back to Chapter 4 (Closing Entries). Minnetonk Enterprises completed the fol- lowing selected transactions during 20X1 and 20X2: 20X1 Dec. 31 20X2 Estimated that uncollectible-account expense for the year was 2/3 of 1% on credit sales of $450.000, and recorded that amount as expense. 31 Made
Link Back to Chapter 4 (Current Ratio). The comparative financial statements of Grapevine Securities for 20X3, 20X2, and 20X1 include the data shown here:20X3 (In millions) 20X2 20X1 Balance sheet Current assets: Cash Short-term investments. Receivables, net of allowance for doubtful accounts of
Mindgames Company received the following notes during 20X3. Note Date Principal Amount Interest Rate Term (1) Nov. 30 $12,000 12% 6 months (2) Dec. 7 9.000 10% 30 days (3) Dec. 23 13.000 9% 1 year Required Identify each note by number, compute interest using a 360-day year for those notes with
Link Back to Chapter 4 (Closing Entries). Record the following selected transactions in the general journal of SAS Services. Explanations are not required. 20X4 Dec. 19 31 31 20X5 Feb. 17 June 1 Oct. 31 Dec. 1 30 Received a $3,000. 60-day, 12% note on account from Arnold Cohen. Made an adjusting
Assume that Del Monte Foods, famous for fruits and vegetables, completed the fol- lowing selected transactions: 20X1 Nov. 1 Sold goods to Kroger, receiving a $20.000, three-month, 8% note. Ignore cost of goods sold. Dec. 31 Made an adjusting entry to accrue interest on the Kroger note. Round to the
Link Back to Chapter 4 (Current Ratio). The comparative financial statements of American Dataset. for 20X3, 20X2, and 20X1 include the following selected data: Balance sheet Current assets: Cash Short-term investments. Receivables, net of allowance for doubtful accounts of $6. $6, and $5,
Deutschetek Corporation performs service either for cash or on notes receivable. The business uses the direct write-off method to account for bad debts. Hilda Lyth, the owner, has prepared the company's financial statements. The most recent comparative income statements, for 20X3 and 20X2, are as
This case takes the statement of cash flows a step beyond the chapter's coverage of this topic. However, you should be able to apply the principles learned thus far to solve it. Treasure Point Jewelry's statement of cash flows reported the following for the year ended June 30, 20X1. TREASURE POINT
Quikash Finance Company is in the consumer loan business. It borrows from banks and loans out the money at higher interest rates. QuiKash's bank requires Quikash to submit quarterly financial statements in order to keep its line of credit. QuiKash's main asset is Notes Receivable. Therefore.
Use the balance sheet and income statement of Target Corporation, in Appen- dix A. 1. How much did customers owe Target at January 29, 2000? Of this amount, how much did Target expect to collect? How much did Target expect not to collect? To answer these questions, refer to (a) Target's balance
Bob Opper and Denise Shapp worked for several years as sales representatives for Xerox Corporation. During this time, they became close friends as they acquired expertise with the company's full range of copier equipment. Now they see an opportunity to put their experi- ence to work and fulfill
As the baby boomers age, the demand for pharmaceuticals has increased. Over the past several years Pfizer Inc. helped introduce three record-breaking products: Lipitor, Viagra. and Celebrex. As a result, in 1999 Pfizer became the world's number one pharmaceutical company in prescription sales. 1.
Link Back to Chapter 5 (Recording a Sale). Use your answers to Daily Exercise 8A- 1 to journalize General Telecom's transactions as follows: June 30 30 May 31 Sold a telecommunications system, receiving a 9-month, 8%, $500.000 note from the city of Durango. General Telecom's cost of the system was
Rider Systems, Inc.. sells on account. When a customer account becomes three months old, Rider converts the account to a note receivable and immediately discounts the note to a bank. During 20X4. Rider completed these transactions: Aug. 29 Dec. 1 Required I Sold goods on account to V. Moyer,
P8A-1 A company received the following notes during 20X3. Notes (1), (2), and (3) were discounted on the dates and at the rates indicated. Principal Interest Note Date Amount Rate Term Date Discounted Discount Rate (1) July 12 $10,000 10% 3 months Aug. 12 15% (2) Aug. 4 6.000 11% 90 days Aug. 30
P8A-2 A company received the following notes during 20X5. Notes (1), (2), and (3) were discounted on the dates and at the rates indicated. Principal Interest Note Date: Amount Rate Term Date Discounted Discount Rate (1) July 15 $6,000 10% 6 months Oct. 15 12% (2) Aug. 19 9.000 12% 90 days Aug. 30
Each of the following items affects the bank reconciliation. Next to each item, enter the appropriate letter from the following possible treatments: (a) bank side of reconciliation-add the item: (b) bank side of reconciliation-subtract the item; (c) book side of reconciliation-add the item; (d)
A company has six bank accounts, two petty cash funds. and three certificates of deposit that can be withdrawn on demand. How many cash amounts would this company likely report on its balance sheet?
DE7-1 Give the title of the chief finance officer and the title of the chief accounting officer in an organization. What are the responsibilities of each person? How does separating their duties provide good internal control?
DE7-2 Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate records. Which goal is most important? Which goal must the internal controls accomplish for the business to sur- vive? Give your reason.
DE7-3 Explain in your own words why separation of duties is often described as the corner- stone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for the asset.
DE7-4 Examine the organization chart in Exhibit 7-2, page 268. What is the main duty of the internal auditors? To whom do the internal auditors report? Why don't the internal audi- tors report directly to the treasurer?
DE7-5 How do external auditors differ from internal auditors? How does an external audit differ from an internal audit? How are the two types of audits similar?
DE7-6 Review the characteristics of an effective system of internal control that begin on page 267. Then identify two things that Merrill Lynch in the chapter-opening story could have done to make it harder for Darlyne Lopez, the cashier, to steal from the company and hide the theft. Explain how
DE7-7 Make a simple diagram with three boxes and two arrows to show the relationships among (a) the bank statement, (b) the bank reconciliation, and (c) the accounting records. Use the arrows to show the flow of data.
DE7-8 Answer the following questions about the bank reconciliation: 1. What is the difference between a bank statement and a bank reconciliation? 2. Is the bank reconciliation a journal, a ledger, an account, or a financial statement? If none of these, what is it? 3. Which side of the bank
DE7-9 Compare Business Research. Inc.'s Cash account in Exhibit 7-5, page 275, with the bank statement that the company received in Exhibit 7-4, page 274. 1. Trace each cash receipt from the Cash account (Exhibit 7-51 to a deposit on the bank statement (Exhibit 7-4). Which deposit is in transit on
DE7-10 The Cash account of Theraband Equipment reported a balance of $2.280 at May 31. Included were outstanding checks totaling $900 and a May 31 deposit of $200 that did not appear on the bank statement. The bank statement, which came from Park Cities Bank, listed a May 31 balance of $3.270.
DE7-11 After preparing Theraband Equipment's bank reconciliation in Daily Exercise 7-10, make Theraband's general journal entries for transactions that arise from the bank reconcilia- tion. Include an explanation with each entry.
DE7-12 Who in an organization should prepare the bank reconciliation? Should it be some- one with cash-handling duties, someone with accounting duties, or someone with both duties? Does it matter? Give your reason.
DE7-13 Barry Cruise owns Cruise Vacation Planners. He fears that a trusted employee has been stealing from the company. This employee receives cash from customers and also pre- pares the monthly bank reconciliation. To check up on the employee. Cruise prepares his own bank reconciliation, as
DE7-14 Consider the men's sportswear department of a Macy's department store. What could a dishonest salesperson do if he had access to the record of transactions conducted through his cash register? How does Macy's keep employees from behaving in this manner?
DE7-15 Ted Carter sells furniture at Dupree Home & Garden in Huntsville. Alabama. Company procedure requires Carter to write a customer receipt for all sales. The receipt forms are prenumbered. Carter is having personal financial problems and takes $500 that he received from a customer. To hide his
DE7-16 Review the internal controls over cash receipts by mail, discussed on page 282. Briefly describe how the final step in the process, performed by the controller, establishes that (1) the cash receipts went into the bank; and (2) the business's customers received credit for their payments. How
DE7-17 Answer the following questions about internal control over cash payments. 1. Payment of cash payments by check carries two basic controls over cash. What are they? 2. Suppose a purchasing agent receives the goods that he purchases and also approves pay- ment for the goods. How could a
DE7-18 1. Describe how an imprest petty cash system works. What is the main control feature of an imprest system? 2. Atlantic Press Publishers maintains an imprest $400 petty cash fund, which is under the control of Brenda Chavez. At November 30, the fund holds $220 cash and petty cash tickets for
DE7-19 1. Return to Gap Inc.'s hypothetical cash budget in Exhibit 7-13, page 287. Suppose Gap postpones the opening of new stores until 20X3. In that case, how much additional financing will Gap need for the year ended January 31, 20X2? 2. Now suppose Gap postpones both existing-store expansions
DE7-20 Florida Progreso Growers is a major lood cooperative. The company begins 2002 with cash of $6 million. Florida Progreso estimates cash receipts during 2002 will total $147 million. Planned disbursements for the year will require cash of $158 million. To meet daily. cash needs. Florida
DE7-21 Peter Larson, an accountant for BSI Consulting, discovers that his supervisor. Rose Kwan, made several errors last year. Overall, the errors overstated BSI's net income by 20%. It is not clear whether the errors were deliberate or accidental. What should Larson do?
E7-1 Consider this adaptation of a Wall Street Journal article: TOKYO-Toshima Corp., a Japanese trading company, said unauthorized trades by its former head of copper trading caused losses that may total $1.8 billion. Toshima learned of the dam- age when Yuji Takeda confessed to making unauthorized
E7-2 The following situations describe two cash receipts situations and two equipment purchase situations. In each pair, one situation's internal controls are significantly better than the other's. Evaluate the internal controls in each situation as strong or weak, and give the reason for your
E7-3 The following situations suggest a strength or a weakness in internal control. Identify each as strength or weakness, and give the reason for your answer.a. Cash received over the counter is controlled by the sales clerk, who rings up the sale and places the cash in the register. The sales
E7-4 Identify the missing internal control characteristic in the following situations:a. When business is brisk. Stop-n-Go and many other retail stores deposit cash in the bank several times during the day. The manager at one store wants to reduce the time employ- ees spend delivering cash to the
E7-5 The following questions pertain to internal control. Consider each situation sepa- rately.a. Many managers think that safeguarding assets is the most important objective of internal control systems, while auditors emphasize internal control's role in ensuring reliable accounting data. Explain
E7-6 The following items could appear on a bank reconciliation:a. Book error: We debited Cash for $200. The correct debit was $2,000.b. Outstanding checks.c. Bank error: The bank charged our account for a check written by another customer. Requiredd. Service charge.e. Deposits in transit.f. NSF
E7-7 Bill Westphal's checkbook lists the following: Date Check No. Item Check Deposit Balance 9/1 $525 4 622 JD's Art Caf $ 19 506 9 Dividends received $ 116 622 13 623 General Tire Co. 43 579 14 624 Exxon Oil Co. 58 521 18 625 Cash 50 471 26 626 Redeemer Presbyterian Church 75 396 28 627 30 Bent
E7-8 Mario Bocelli operates four Quik Pak convenience stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $2.750. Listed on the statement are an EFT rent collection of $400. a service charge of $12. two NSF
E7-9 Using the data from Exercise 7-8, make the journal entries Bocelli should record on October 31. Include an explanation for each entry.
E7-10 A grand jury indicted the manager of a Hickory Stick restaurant for stealing cash from the company. Over a 3-year period, the manager allegedly took almost $100,000 and attempted to cover the theft by manipulating the bank reconciliation. What is the most likely way that a person would
E7-11 At the check-out of Best Buy stores, cash registers display the amount of each sale. the cash received from the customer, and any change returned to the customer. The registers also produce a customer receipt but keep no internal record of transactions. At the end of the day, clerks count the
E7-12 Record the following selected transactions of Rosetree Florist in general journal for- mat (explanations are not required): April 1 2 10 Established a petty cash fund with a $300 balance. Journalized the day's cash sales. Cash register tapes show a $2.869 total, but the cash in the register
E7-13 Operation Recycle in Seattle created a $500 imprest petty cash fund. During the first month of use, the fund custodian authorized and signed petty cash tickets as follows: Petty Cash Ticket No. Item Account Debited Amount 1 Delivery of pledge cards to donors Delivery Expense $22.19 2 Mail
E7-14 Suppose Sprint Corporation, the long-distance telephone company, is preparing its cash budget for 20X4. The company ended 20X3 with $135 million, and top management fore- sees the need for a cash balance of at least $137 million to pay all bills as they come due in 20X4. Collections from
E7-15 Approximately 300 current and former members of the U.S. House of Representatives on a regular basis-wrote a quarter million dollars of checks on the House bank without having the cash in their accounts. In effect, the delinquent check writers were borrowing money from each other on an
Link Back to Chapter 4 (Current Ratio and Debt Ratio). Among its many products, Continental Paper Company makes paper for shopping bags, canned-food labels, and magazines. Ruth Majer, the Chief Budget Officer, is responsible for Continental's cash budget for 20X5. The budget helps Majer determine
P7-1A An employee of Suntech Oil Company recently stole thousands of dollars of the company's cash. The company has installed a new system of internal controls. As a consultant for Suntech Oil Company, write a memo to the president explaining how a separation of duties helps to safeguard assets.
P7-2A The following situations have an internal control weakness.a. Roberson Computer Programs is a software company that specializes in programs with accounting applications. The company's most popular program prepares the journal. accounts receivable subsidiary ledger, and general ledger. In the
The cash receipts and the payments of Veralux Interiors for March 20X5 follow: Cash Receipts (Posting reference is CR) Cash Payments (Posting reference is CP) Date Cash Debit Check No. Cash Credit Mar. 4 $2,716 1413 $1.465 9 544 1414 1.004 11 1,655 1415 450 14 896 1416 8 17 367 1417 775 25 890 1418
Bank Statement for March 20X5 Beginning balance Deposits and other Credits: Mar... 5. 10. $ 625 EFT 2,716 11 15 18. 544 1.655 896 367 890 25. 31. Checks and other Debits: 1,000 BC $ 441 NSF 1,465 Mar. 8. 9. 13. 14. 15. 19 22. 29. 31 31. 1,004 450 8 340 EFT 775 88 4.216 $12,188 8.693 Ending balance
P7-4A The May 31 bank statement of Payne Stationers has just arrived from First State Bank. To prepare the Payne bank reconciliation, you gather the following data.a. The May 31 bank balance is $21,110.82.b. The bank statement includes two charges for returned checks from customers. One is an NSF
East Coast Heating makes all sales on credit. Cash receipts arrive by mail. Kenneth Sartain opens envelopes and separates the checks from the accompanying remittance advices. Sartain forwards the checks to another employee, who makes the daily bank deposit but has no access to the accounting
On April 1. Sealy Electronics creates a petty cash fund with an imprest balance of $400. During April, Elise Nelson, the fund custodian, signs the petty cash tickets: Petty Cash Ticket Number Item Amount 101 Office supplies $86.89 102 Cab fare for executive 25.00 103 Delivery of package across town
Suppose you are preparing your personal cash budget for the year 20X2. During 20X2, assume you expect to earn $3,600 from your summer job and $1,500 for work in the college cafeteria. Also, your family always gives you gifts totaling around $800 during the year. A scholarship from your home church
Lesa Krause, Chief Financial Officer of Datek Enterprises, is responsible for the com- pany's budgeting process. Suppose Krause's staff is preparing the Datek cash budget for 20X9. A key input to the budgeting process is last year's statement of cash flows, which provides the data at the top of the
P7-9A Tri State Bank in Cairo, Illinois, has a loan receivable from Cortez Manufacturing Company Cortez is six months late in making payments to the bank, and Milton Reed, a Tri State vice president, is helping Cortez restructure its debt. Reed learns that Cortez is depend- ing on landing a
P7-1B Caldwell-Bailey Development Company prospered during the lengthy economic expansion of the 1990s. Business was so good that the company used very few internal controls. A recent decline in the local real estate market caused Caldwell-Bailey to experi- ence a shortage of cash. Dave Matthews,
P7-2B Each of the following situations has an internal control weakness.a. Aimee Atkins has been an employee of Mary V's Bridal Salon for many years. Because the business is relatively small. Atkins performs all accounting duties, including opening the mail, preparing the bank deposit, and
P7-3B The cash receipts and the cash payments of Good Eats Caf for April 20X4 are as follows: Cash Receipts (Posting reference is CR) Cash Payments (Posting reference is CP) Date Cash Debit Check No. Cash Credit Apr. 2 $ 4.174 3113 S 891 8 407 3114 147 10 559 3115 1.930 16 2.187 3116 664 22 1,854
P7-4B The August 31 bank statement of Beeson Nursery has just arrived from United Bank. To prepare the Beeson bank reconciliation, you gather the following data:a. Beeson's Cash account shows a balance of $3,998.14 on August 31.b. The bank statement includes two charges for returned checks from
P7-5B SpreadMax, Inc.. makes all sales of its spreadsheet software on credit. Cash receipts arrive by mail. Nick Vaughn opens envelopes and separates the checks from the accompany- ing remittance advices. Vaughn forwards the checks to another employee, who makes the daily bank deposit but has no
P7-6B Suppose that on June 1. Alpha Audio-Video opens a district office in Omaha and cre- ates a petty cash fund with an imprest balance of $350. During June. Carol McColgin. fund custodian, signs the following petty cash tickets: Petty Cash Ticket Number Item Amount 1 Postage for package received
P7-7B Suppose you are preparing your personal cash budget for 20X2. During 20X2, assume that you can expect to earn $3.000 from your summer job and $2.000 for work in the college cafeteria. Also, your family always gives you gifts totaling around $300 during the year. A scholarship from your home
P7-8B Len Filer, Chief Financial Officer of Toys.com. is responsible for the company's budgeting process. Filer's staff is preparing the company's cash budget for 20X1. A key input to the budgeting process is last year's statement of cash flows, which provides the data in the table (in millions)
P7-9B Beth Youngdale is vice president of Stateline Loan Associates in Yellowstone. Wyoming. Active in community affairs. Youngdale serves on the board of directors of Baker Publishing Company. Baker is expanding and relocating its plant. At a recent meeting, board members decided to buy 15 acres
Case 1. Flexall Plastics Company has poor internal control over its cash transactions. Genevieve Gilbreath, the owner, suspects Sam Knicks, the cashier, of stealing. Here are some details of the business's cash position at September 30.a. The Cash account shows a balance of $17.502. This amount
Case 2. This case is based on an actual situation. A-1 Construction Company, headquar- tered in Terre Haute, Indiana, built a Rest Easy Motel 35 miles east of Terre Haute. The construction loreman, whose name was Monty, hired the 40 workers needed to complete the project. Monty had the construction
Jill Hudson owns apartment buildings in Oklahoma. Each property has a manager who collects rent, arranges for repairs, and runs advertisements in the local newspaper. The property managers transfer cash to Hudson monthly and prepare their own bank. reconciliations. The manager in Tulsa has been
Study the responsibility statement (labeled Report of Management) and the audit opinion (labeled Report of Independent Auditors) of Target Corporation, financial statements given at the end of Appendix A. Answer the following questions about the company's internal con- trols and cash position.
You are promoting a rock concert in your area. Each member of your team will invest $10.000 of their hard-earned money in this venture. It is April 1. and the concert is on June 30. Your promotional activities begin immediately, and ticket sales start on May 1. You expect to sell all the business's
Corporate managers face internal control and ethical challenges with Internet access at the fingertips of many employees. Is it okay for an employee to log on to make a quick personal stock trade? What about sending personal e-mail, checking sports team scores, playing games, visiting chat rooms,
Why might the number 112 be assigned to Accounts Receivable and the number 1120708 to Bill Thomas, a customer?
Delay Company's sales journal has one amount column headed Accounts Receivable Dr. and Sales Revenue Cr. In this journal. 86 transactions are recorded. How many posting references appear in the journal? What does each posting reference represent?
Posting from the journals of Lexite Sales is complete. But the total of the individual balances in the accounts payable subsidiary ledger does not equal the balance in the Accounts Payable control account in the general ledger. Does this discrepancy necessarily indicate that the trial balance is
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