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Journalizing and Posting Business Transactions The chart of accounts for Outback Guide
Chapter 7, Problem 7-8(choose chapter or problem)
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.
Questions & Answers
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QUESTION:
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.
ANSWER: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.
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