Schedule of Accounts Payable

1. Prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--.

2. Which of these steps do you follow to verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total?

Verify the total of the schedule

Verify the posting to the accounts payable ledger

Verify the posting to the purchases journal

Verify the posting to the accounts payable in the general ledger

Emily Frank owns a small retail business called Franks Fantasy. The transactions that occurred during July are reflected in the Accounts Payable subsidiary ledger below.

ACCOUNTS PAYABLE LEDGER
NAME	Applied Business
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
July 25		J17		2,750	2,750

NAME	Donna's Dolls
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
July 8		J16		2,740	2,740
July 15		J16	400		2,340
July 18		J17	2,340		-

NAME	Scheer & Company
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
July 3		J16		3,300	3,300
July 13		J16	3,300		-
July 29		J17		3,480	3,480

NAME	Tilly's Toys
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
July 1		J16		3,000	3,000
July 5		J16	700		2,300
July 11		J16	2,300		-
July 26		J17		2,250	2,250

1. Prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--.

Frank's Fantasy
Schedule of Accounts Payable
July 31, 20--
	$
Total	$

2. Which of these steps do you follow to verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total?

Verify the total of the schedule

Verify the posting to the accounts payable ledger

Verify the posting to the purchases journal

Verify the posting to the accounts payable in the general ledger