Review your results from Short Exercise SC-8. Requirements 1. Total each column of the purchases journal. 2.

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Review your results from Short Exercise SC-8.
Requirements
1. Total each column of the purchases journal.
2. Open the following four-column accounts in the accounts payable subsidiary ledger: Accounts Payable—Borris Co.; Accounts Payable—Milk Co.; Accounts Payable—Slip Co. Post the transactions to the accounts payable subsidiary ledger.
3. Open the following selected four-column accounts in the general ledger:
Merchandise Inventory (115); Office Supplies (116); Furniture (151); Accounts Payable (211). Post the total of each column to the general ledger. Also, post the Other Accounts to the general ledger.
4. Balance the total of the vendor balances in the accounts payable subsidiary ledger against Accounts Payable in the general ledger. 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...
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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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