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PART B (Note that the numbers used are for illustration only and do not cross-add.) From the following chart, complete the statements below. CASH PAYMENT
PART B (Note that the numbers used are for illustration only and do not cross-add.) From the following chart, complete the statements below. CASH PAYMENT JOURNAL Date Cheque No. Accounts Debited Post Sundry Accounts Inventory Inventory Cash Reference Accounts Payable (Dr) (Cr) (Dr) (Dr) 44.44 55.55 XXXX Cash Purchase 88.88 7.77 66.66 Purchase Equipment 999.99 1111.11 999.99 7777.77 2222.22 5555.55 6666.66 1. EXAMPLE: 1,111.11 is never posted. 2.2.222.22 is posted to ACCOUNTS PAYABLE the controlling account in the general ledger at the end of the month. I 3.6,666.66 has a CREDIT balance that is posted to Inventory in the general ledger at the end of the month for discounts taken. 4.7,777.77 is posted at CASH PAYMENT JOURNAL to the Cash account in the general ledger. 5. 66.66 should NOT BE POSTED because the total will be posted to the Cash account in the general ledger at the end of the month. 6. 7.77 is POSTED DAILY during the month. 7. 88.88 is DAILY recorded to the accounts payable ledger during the month. 8. 44.44 is NOT POSTED during the month, because the total of the Inventory column is posted at the end of the month to Inventory in the general ledger. 9.999.99 is posted to the CASH RECEIPT during the month, as the total of sundry is never posted. 10. xxx is a unique number for CHEQUE issued
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