Jamison Company Uses Special Journals to Record Transactions

question 96

Essay

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?

• 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?

---

Definitions:

Provide Services

The act of performing tasks or duties for customers or clients.

Quality Product

A good or service that meets or exceeds customer expectations in terms of performance, durability, and satisfaction.

Lower Cost Methods

Strategies or techniques adopted by businesses to reduce production expenses and improve efficiency, enhancing profitability.

Industrial Structure

The organization of industries within an economy, characterized by aspects such as market competition and the allocation of resources.