Emily Frank owns a small retail business called Franks Fantasy. The transactions that occurred during July are
Question:
Emily Frank owns a small retail business called Frank’s Fantasy. The transactions that occurred during July are reflected in the Accounts Payable subsidiary ledger below.
ACCOUNTS PAYABLE LEDGER | ||||||
NAME | Applied Business | |||||
ADDRESS | | |||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE | |
20-- | | |||||
July 25 | | J17 | | 2,750 | 2,750 | |
NAME | Donna's Dolls | |||||
ADDRESS | | |||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE | |
20-- | | |||||
July 8 | | J16 | | 2,740 | 2,740 | |
July 15 | | J16 | 400 | | 2,340 | |
July 18 | | J17 | 2,340 | | - | |
NAME | Scheer& Company | |||||
ADDRESS | | |||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE | |
20-- | | |||||
July 3 | | J16 | | 3,300 | 3,300 | |
July 13 | | J16 | 3,300 | | - | |
July 29 | | J17 | | 3,480 | 3,480 | |
NAME | Tilly's Toys | |||||
ADDRESS | | |||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE | |
20-- | | |||||
July 1 | | J16 | | 3,000 | 3,000 | |
July 5 | | J16 | 700 | | 2,300 | |
July 11 | | J16 | 2,300 | | - | |
July 26 | | J17 | | 2,250 | 2,250 | |
1. Prepare a schedule of accounts payable for Frank’s Fantasy as of July 31, 20--.
Frank's Fantasy | |
Schedule of Accounts Payable | |
July 31, 20-- | |
| $ |
| |
| |
Total | $ |
2. Which of these steps do you follow to verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total?
Verify the total of the schedule
Verify the posting to the accounts payable ledger
Verify the posting to the purchases journal
Verify the posting to the accounts payable in the general ledger