Jamison Company uses special journals to record transactions. All of the companies listed below supply inventory to Jamison except McGarry Co. that supplies equipment. Use the purchases journal given below to answer the following questions:
A) Foot and crossfoot the journal for accuracy.

b) When Jamison compares the general ledger Accounts Payable account to the Accounts Payable ledger, it notices that the general ledger control account is $10,000 more than the schedule of Accounts Payable. What is the most likely cause and how should it be corrected?

Question

Jamison Company uses special journals to record transactions. All of the companies listed below supply inventory to Jamison except McGarry Co. that supplies equipment. Use the purchases journal given below to answer the following questions:
A) Foot and crossfoot the journal for accuracy.

b) When Jamison compares the general ledger Accounts Payable account to the Accounts Payable ledger, it notices that the general ledger control account is $10,000 more than the schedule of Accounts Payable. What is the most likely cause and how should it be corrected?

Quizplus · Accepted Answer

The Answer of Jamison Company uses special journals to record transactions. All of the companies listed below supply inventory to Jamison except McGarry Co. that supplies equipment. Use the purchases journal given below to answer the following questions:
A) Foot and crossfoot the journal for accuracy.

b) When Jamison compares the general ledger Accounts Payable account to the Accounts Payable ledger, it notices that the general ledger control account is $10,000 more than the schedule of Accounts Payable. What is the most likely cause and how should it be corrected?

Jamison Company Uses Special Journals to Record Transactions