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Answer :
To reconcile the Accounts Payable control account with the subsidiary ledger, add the balances of Benton and Dooley and subtract from the general ledger balance to find Parks' missing balance. Review each entry for proper posting references and amounts to locate any discrepancies.
The student is asking about reconciling the differences between the control account balance in the general ledger for Accounts Payable and the individual balances in the subsidiary ledger. To find the missing posting reference and amount, we must ensure the total of the subsidiary ledger balances equals the control account balance. To find the missing ending balance in the subsidiary ledger for Parks, add up the balances for Benton and Dooley and subtract this sum from the control account balance.
Control Account Reconciliation
The balance in the general ledger for Accounts Payable on February 28 is $9,080. The balances in the subsidiary ledgers for Benton and Dooley are $4,480 and $2,380, respectively. To find the balance for Parks, we subtract the sum of Benton's and Dooley's balances from the control account balance:
$9,080 (Accounts Payable) - $4,480 (Benton) - $2,380 (Dooley) = $2,220 (Parks' missing ending balance).
Posting Reference and Amount
To reconcile the changes in the accounts payable control account, posting references such as invoice numbers and payment vouchers would be used, and the missing amount could refer to transactions that have not been recorded or posted improperly. A detailed review of all entries and their corresponding posting references is necessary to locate the missing amount, which should ensure that the total of the control account balance matches the sum of all individual accounts in the subsidiary ledger.
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The correct answer to the problem is given below:GENERAL LEDGERAccounts PayableBalance Feb. 15 1,390Feb. 1 26,480General journal Feb. 28 Accounts payableA/c Dr 13,780To Purchases A/c 13,780Feb. 5 230 Cash paymentsAccounts payableA/c Dr 230To Cash A/c 230Feb. .
Control accounts are accounts in the general ledger that summarise the balances of the accounts in the accounts receivable or payable subsidiary ledgers.
The accounts payable control account is the total of all outstanding balances owed to vendors as of a particular date. The total balance in the accounts payable control account should be equal to the balance in the accounts payable subsidiary ledger
, the correct answer to the problem is:
GENERAL LEDGERAccounts PayableBalance Feb. 15 1,390Feb. 1 26,480General journal Feb. 28 Accounts payableA/c Dr 13,780To Purchases A/c 13,780Feb. 5 230 Cash paymentsAccounts payableA/c Dr 230To Cash A/c 230Feb.
11 Accounts payableA/c Dr 515To Benton A/c 250To Dooley A/c 265Feb. 28 Balance 9,080ACCOUNTS PAYABLE LEDGERBenton Feb. 28 Bal. 4,730Dooley Feb. 28 Bal. 2,645Parks Feb. 28 Bal. 1,705
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