Selected accounts from the ledgers of Kaylee Frye Company at July 31 showed the following. InstructionsFrom the
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Selected accounts from the ledgers of Kaylee Frye Company at July 31 showed the following.
InstructionsFrom the data prepare:(a) The single-column purchases journal for July.(b) The general journal entries forJuly.
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GENERAL LEDGER No. 120 Equipment No. 153 Inventory Date Explanation July 15 Date Explanation Ref. Debit Credit Balance Ref. Debit Credit Balance July 1 GI 3.900 3,900 G1 400 400 18 G1 100 300 Accounts Payable No. 201 25 G1 200 100 Date Explanation Credit Ref. Debit Balance 31 P1 8.300 8,400 July 1 G1 3,900 3,900 15 G1 400 4,300 18 G1 100 4,200 4,000 12,300 25 G1 200 31 P1 8,300 ACCOUNTS PAYABLE LEDGER De Rovin Equipment Co. Explanation Staite Co. Date Explanation Date Ref. Debit Credit Balance Ref. Debit Credit Balance July 14 25 1,100 July 1 G1 3,900 3,900 P1 1,100 G1 200 900 Sunny Co. Jewel Co. Date Explanation July 3 Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance P1 2,400 2,400 July 12 P1 500 500 3,100 20 P1 700 21 P1 600 1,100 Hodge Corp Bernardo Inc. Date Explanation Ref. Debit Credit Explanation Ref. Credit Balance Date Debit Balance July 15 July 17 P1 1.400 1,400 1,300 G1 400 400 18 GI 100 29 P1 1,600 2,900
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Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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