Presented below is information related to Sims Ltd for its first month of operations. Determine the balances
Question:
Presented below is information related to Sims Ltd for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger. What accounts payable control balance appears in the general ledger at the end of January?
Problem-solving strategies
To determine the balances that appear in the accounts payable subsidiary ledger, subtract cash paid from credit purchases. (Note that there are no opening balances as it is the first month of operations for Sims Ltd.)
To determine the accounts payable control balance in the general ledger, sum the individual balances.
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Related Book For
Financial Accounting Reporting, Analysis And Decision Making
ISBN: 9780730363279
6th Edition
Authors: Shirley Carlon
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