Kelley Company has completed Octobers sales and purchases journals (Shown below). a. Total and post the journals

Question:

Kelley Company has completed Octoberâ€™s sales and purchases journals (Shown below).

a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers.
b. Complete a schedule of accounts receivable for October 31, 20â€”.
c. Complete a schedule of accounts payable for October 31, 20â€”.
d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct theerror(s).

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...