Asked by Tempest Hansen on Jun 10, 2024
Verified
Spencer Company uses four special journals (cash receipts cash payments sales and purchases journal) in addition to a general journal. On November 1 2016 the control accounts in the general ledger had the following balances: Cash $15000 Accounts Receivable $180000 and Accounts Payable $40000. Selected information on the final line of the special journals for the month of November is presented below: Additional Data:
The Sales Journal totaled $44000. A customer returned merchandise for credit for $640 and Spencer Company returned store supplies to a supplier for credit for $500.
Instructions
(a) Determine the missing amounts in the special journals.
(b) Determine the balances in the general ledger accounts (Cash Accounts Receivable and Accounts Payable) at the end of November.
General Ledger
The master set of accounts that summarize all transactions occurring within an entity, serving as the main accounting record.
Special Journals
Accounting records that are used for the repeated recording of similar types of transactions, such as sales or purchases.
Control Accounts
An account in the general ledger that summarizes and aggregates the details of a subsidiary ledger.
- Analyze and reconcile discrepancies between control accounts and subsidiary ledgers.
Verified Answer
Learning Objectives
- Analyze and reconcile discrepancies between control accounts and subsidiary ledgers.
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