Lacquer Nail Supplies chart of accounts includes the following selected accounts. On 1 November the accounts payable
Question:
Lacquer Nail Supplies chart of accounts includes the following selected accounts.
On 1 November the accounts payable ledger of Lacquer Nail Supplies showed the following balances: Cotton Balls Ltd $4500, Nail Polish Professionals $2350, Plastic Nails Pty Ltd $1000, and Creams and Oils R Us $1900. The November transactions involving the payment of cash were as follows.
Required
(a) Journalise the transactions above in a five-column cash payments journal with columns for Date, Cheque Number, Amount Debited (Credited), Post Reference, Other Accounts Dr, Accounts Payable Dr, Inventory Cr, Discount Received Cr and Cash Cr. Total and cross-foot the journal.
(b) Enter the beginning balances in the Accounts Payable Control and subsidiary accounts, and post the November transactions to these accounts.
(c) Agree the control account and the subsidiary account balances.
Step by Step Answer:
a Cash Payments Journal Date Cheque Number Amount Debited Post Ref Other Accounts Dr Accounts Payabl...View the full answer
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
