Question: Please provide solution and explanation in each item. And for my guidance also thank you :) fSpecial and Combination Journals, and Voucher System | 9-21





Please provide solution and explanation in each item. And for my guidance also thank you :)






\fSpecial and Combination Journals, and Voucher System | 9-21 70. The controlling account in the general ledger for the accounts payable subsidiary ledger is called 21. The balance in the Accounts Payable controlling account should be equal to the sum of the accounts payable ledger accounts 22. The total of the other accounts column is 23. The (V) in the reference column indicates that the has been updated. 24. A that is issued means the buyer owes less money, as merchandise is being returned or an allowance received. 25. A debit memorandum issued or a credit memorandum received results in a to Accounts Payable and a credit to Purchases, Returns, and Allowances. 26. List price - net price = amount. 27. The accounts payable ledger is listed in 28. Purchases, Returns, and Allowances is increased by a 29. The cash payments journal records transactions that involve outward flows of 30. The cash payments journal alleviates certain repetitive 31. Purchases Discounts is increased by 32. A provides the purchasing department the information to then prepare a purchase order. 33. A is made out after a company inspects received shipments. 34. The total of the cash column is posted at the to the general ledger.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
