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Presented below is information related to Sims Company for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January?
Credit Purchases Cash Paid
Jan. 5
Devon Co.
$11,000
Jan. 9
$7,000
11
Shelby Co.
7,000
14
2,000
22
Taylor Co.
14,000
27
9,000
Purpose a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.
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