Problems in Accounting

ade from each book? Supposing you have subordinate ledgers for customers and for creditors, what would your general ledger show for the items above (show a rough posting for each item posted to the general ledger) ? 19. Dr. INTEREST Cr. Jan. 4 $20.50 Jan. 10 $48.50 8 14.63 21 12.16 17 8.60 31 Inventory 9.44 28 13.24 31 Inventory 4.80 Loss and Gain... 8.33 $70.10 $70.10 Close the above account and (a) Bring down the proper amounts for Feb. 1. (b) State which, .if any, of the above figures would appear on the Income Sheet for January ; and which ones, if any, would appear onhe Balance Sheet of Jan. 31, and, whether on asset or liability side, being careful to give reason for your decision in each instance. What is a controlling account ? Give three examples. How are postings made to controlling accounts? With what must the balance of a controlling account coincide? The YCX Co. takes a large number of notes (bills receivable) from its customers, and when in need of funds discounts or sells them; how may the accounts be managed so as to show the company's liability as indorser on the paper discounted ? 22. The following accounts are found on the books of a corporation: reserve fund; depreciation on furniture; bad debt reserve; bond redemption account; bills receivable; rents of properties owned; dividend on preferred stock. State which would enter the profit and loss account and balance sheet, and which would show debit and...