June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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EXERCISE F-3
| Purpose: | (L.O. 2, 3) This exercise reviews general ledger accounts and postings to them from special journals. |
A list of abbreviations and a list of postings to general ledger accounts (in random order) follow:
Abbreviations
S = Two-Column Sales Journal
CR = Multiple-Column Cash Receipts Journal
P = Single-Column Purchases Journal
CP = Multiple-Column Cash Payments Journal
GJ = Two-Column General Journal
Instructions
For each of the postings to general ledger accounts listed below, indicate the most common source of the posting. Use the appropriate abbreviations to indicate your answer for each. (Assume all purchases of merchandise inventory and sales are made on account. Assume a perpetual inventory system is in use.)
Postings to General Ledger Accounts
| ________ | 1. Debits to Merchandise Inventory |
| ______ | 2. Credits to Sales |
| ______ | 3. Debits to Accounts Payable |
| ______ | 4. Credits to Accounts Payable |
| ______ | 5. Debits to Cash |
| ______ | 6. Credits to Cash |
| ______ | 7. Debits to Accounts Receivable |
| ______ | 8. Credits to Accounts Receivable |
| ______ | 9. Credits to Interest Payable |
| ______ | 10. Debits to Postage Expense |
| ______ | 11. Debits to Wages and Salaries Expense |
| ______ | 12. Debits to Depreciation Expense |
| ______ | 13. Debits to Prepaid Insurance |
| ______ | 14. Credits to Prepaid Insurance |
| ______ | 15. Debits to Office Supplies on Hand |
| ______ | 16. Credits to Office Supplies on Hand |
| ______ | 17. Credits to Bank Loans Payable |
| ______ | 18. Credits to Unearned ... |
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