The general ledger of Hensley company contained the following Accounts payable control account ( in T-account from ). Also shown is the related subsidiary ledger.
Instructions
- Indicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger.
- Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts).
Solution
a.
On February 28, the debt posting reference to the cash payment journal for the recording cash payment during the month.
The Debt Amount = $26,025 + $265 + $550 + $13,400 - $10,500 - $1,400 = $28,340
Parks Ending Balance = $10,500 - $4,600 - $2,300 = $3,600
b.
Only the General Journal amounts indicates in the control panel that were dual-posted. The amounts were $1,400 (Dr.), 265(Cr.), and 550(Cr.)