Journal ignore any transactions that should be

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Today's Technician: Automotive Electricity and Electronics
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Chapter 9 / Exercise 1
Today's Technician: Automotive Electricity and Electronics
Hollembeak
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journal. Ignore any transactions that should be journalized in a purchases journal, a cash disburse- ments journal, or a general journal. 2. Open the following general ledger accounts: Cash, Accounts Receivable, Inventory, Long-Term Notes Payable, Common Stock, Retained Earnings, Sales, Sales Discounts, and Cost of Goods Sold. Enter the March 31 balances for Cash ($85,000), Inventory ($125,000), Long-Term Notes Payable ($110,000), Common Stock ($20,000), and Retained Earnings ($80,000). Also open accounts re- ceivable subsidiary ledger accounts for Paul Kohr, Brooke Sledd, and Amy Nilson. 3. Verify that amounts that should be posted as individual amounts from the journals have been posted. (Such items are immediately posted.) Foot and crossfoot the journals and make the month-end postings. 4. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledger by preparing a schedule of accounts receivable. Analysis Component 5. Assume that the total for the schedule of Accounts Receivable does not equal the balance of the controlling account in the general ledger. Describe steps you would take to discover the error(s). Problem E-2A A Special journals, subsidiary ledgers, and schedule of accounts receivable—periodic C3 P2 Assume that Wise Co. in Problem E-1A uses the periodic inventory system. Required 1. Prepare headings for a sales journal like the one in Exhibit E-A.1. Prepare headings for a cash receipts journal like the one in Exhibit E-A.2. Journalize the April transactions shown in Problem E-1A that should be recorded in the sales journal and the cash receipts journal assuming the periodic inventory system is used. 2. Open the general ledger accounts with balances as shown in Problem E-1A (do not open a Cost of Goods Sold ledger account). Also open accounts receivable subsidiary ledger accounts for Check Trial balance totals, $415,185 P3
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Today's Technician: Automotive Electricity and Electronics
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Chapter 9 / Exercise 1
Today's Technician: Automotive Electricity and Electronics
Hollembeak
Expert Verified
Appendix E Accounting with Special Journals E-35 Brooke Sledd, Paul Kohr, and Amy Nilson. Under the periodic system, an Inventory account exists but is inactive until its balance is updated to the correct inventory balance at year-end. In this problem, the Inventory account remains inactive but must be included to correctly complete the trial balance. 3. Complete parts 3, 4, and 5 of Problem E-1A using the results of parts 1 and 2 of this problem. Check Trial balance totals, $415,185 Problem E-3A Special journals, subsidiary ledgers, and schedule of accounts payable—perpetual

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