After Shaw Company Had Completed All Posting for the Month

question 48

Essay

After Shaw Company had completed all posting for the month of December, the sum of the balances in the following accounts payable subsidiary ledger did not agree with the balance of the control account in the general ledger.
The balance in the Accounts Payable control account of $37,180 has been verified as correct. Also assume that the journals references in the Post Ref. columns of the accounts payable subsidiary ledger have been verified as correct.
Instructions
Determine the errors in the preceding accounts payable subsidiary accounts and prepare a corrected schedule of accounts payable.

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Definitions:

Economic Efficiency

A condition in which all available resources are utilized in a way that produces the highest combination of quantity and quality of goods and services.

Market Economy

An economic system in which decisions on production and consumption are based on voluntary exchange in markets.

Incentives

Factors, monetary or otherwise, that motivate individuals or businesses to act in a certain way, typically to achieve certain goals or outcomes.

Society's Welfare

The overall well-being and quality of life of a community or society, often considered in terms of health, happiness, and prosperity.