systems understanding aid 9th edition: is there a solution for this whileproject? Im stuck on making the bank reconciliation because the numbers of the bank statement and general ledger are not adding up.
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Expert Chegg Question Answer:
|Date||Vendor||Vendor Invoice No.||DEBIT||CREDIT|
|Purchases GL 30500||Other GL||Accounts Payable GL 20100||Purchases Returns GL|
|Acct. No.||Trans. Amount||Subs. Acct. No.||Trans. Amount|
|Dec. 22||Velocity Sporting Goods||34719||13544||252||13544|
|ACCOUNTS PAYABLE SUBSIDIARY LEDGER|
|252 VELOCITY SPORTING GOODS|
|Dec. 22||Vendor Invoice #34719||13544||13544|
The purchases and accounts payable will be recorded to the extent of the value of goods received. Thus, the same will be recorded for $13544 in the purchases journal and the accounts payable subsidiary ledger.
Note: Only relevant portions of the purchases journal and the accounts payable subsidiary ledger have been shown.