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Journalizing and Posting Business Transactions The chart of accounts for Outback Guide

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 7-8 Chapter 7

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 7-8

Journalizing and Posting Business Transactions The chart of accounts for Outback Guide Service follows. General Ledger 101 Cash in Bank 301 Juanita Ortega, Capital 115 Accts. Rec.Podaski 302 Juanita Ortega, Withdrawals Systems Inc. 401 Guide Service Revenue 140 Computer Equipment 501 Advertising Expense 145 Hiking Equipment 150 Rafting Equipment 205 Accts. Pay.Peak Equipment Inc. 207 Accts. Pay.Premier Processors Instructions 1. In your working papers, open an account in the general ledger for each account in the chart of accounts. 2. Record the following transactions on page 1 of the general journal. 3. Post each journal entry to the appropriate accounts in the ledger. 4. Prove the ledger by preparing a trial balance.

Step-by-Step Solution:

Problem 7.8

Journalizing and Posting Business Transactions

The chart of accounts for Outback Guide Service follows.

Instructions

 1. In your working papers, open an account in the general ledger for each account in the chart of accounts.

 2. Record the following transactions on page 1 of the general journal.

 3. Post each journal entry to the appropriate accounts in the ledger.

 4. Prove the ledger by preparing a trial balance.

Calculate the total change in accounts payable.

                                                              Step by Step Solution

Step 1 of 4

Trial Balance includes the balances of all the general ledger accounts related to the organization. In case, the sum total of all the debits and the credits disagree, then it indicates that there are errors in the book-keeping process.

Step 2 of 4

Chapter 7, Problem 7-8 is Solved
Step 3 of 4

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

Since the solution to 7-8 from 7 chapter was answered, more than 1301 students have viewed the full step-by-step answer. The answer to “Journalizing and Posting Business Transactions The chart of accounts for Outback Guide Service follows. General Ledger 101 Cash in Bank 301 Juanita Ortega, Capital 115 Accts. Rec.Podaski 302 Juanita Ortega, Withdrawals Systems Inc. 401 Guide Service Revenue 140 Computer Equipment 501 Advertising Expense 145 Hiking Equipment 150 Rafting Equipment 205 Accts. Pay.Peak Equipment Inc. 207 Accts. Pay.Premier Processors Instructions 1. In your working papers, open an account in the general ledger for each account in the chart of accounts. 2. Record the following transactions on page 1 of the general journal. 3. Post each journal entry to the appropriate accounts in the ledger. 4. Prove the ledger by preparing a trial balance.” is broken down into a number of easy to follow steps, and 112 words. This textbook survival guide was created for the textbook: Accounting: First Year Course, edition: 1. The full step-by-step solution to problem: 7-8 from chapter: 7 was answered by , our top Business solution expert on 03/14/18, 05:31PM. This full solution covers the following key subjects: . This expansive textbook survival guide covers 29 chapters, and 429 solutions. Accounting: First Year Course was written by and is associated to the ISBN: 9780078688294.

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