Plumb Line Surveyors provides survey work for construction projects. The office staff useoffice supplies, while surveying crews use field supplies. Purchases on account completedby Plumb Line Surveyors during May are as follows:May 1. Purchased field supplies on account from Wendell Co., $3,240.3. Purchased office supplies on account from Lassiter Co., $340.8. Purchased field supplies on account from Tri Cities Supplies, $4,500.12. Purchased field supplies on account from Wendell Co., $3,670.15. Purchased office supplies on account from J-Mart Co., $500.19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150.23. Purchased field supplies on account from Tri Cities Supplies, $2,450.26. Purchased office supplies on account from J-Mart Co., $265.30. Purchased field supplies on account from Tri Cities Supplies, $3,040.Instructions1. Insert the following balances in the general ledger as of May 1:$ 6,2001,49014 Field Supplies15 Office Supplies18 Office Equipment21 Accounts Payable19,4005,1452. Insert the following balances in the accounts payable subsidiary ledger as of May 1:Accu-Vision Supply Co.$3,900J-Mart Co.730Lassiter Co.515Tri Cities SuppliesWendell Co.3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the oneillustrated in this chapter. Prepare the purchases journal with columns for AccountsPayable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditoraccounts in the accounts payable subsidiary ledger immediately after each entry.4. Post the purchases journal to the accounts in the general ledger.5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31?b. What is the balance of the accounts payable controlling account at May 31?6. What type of e-commerce application would be used to plan and coordinate transactionswith suppliers?

Question
Asked Dec 9, 2019
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Plumb Line Surveyors provides survey work for construction projects. The office staff use
office supplies, while surveying crews use field supplies. Purchases on account completed
by Plumb Line Surveyors during May are as follows:
May 1. Purchased field supplies on account from Wendell Co., $3,240.
3. Purchased office supplies on account from Lassiter Co., $340.
8. Purchased field supplies on account from Tri Cities Supplies, $4,500.
12. Purchased field supplies on account from Wendell Co., $3,670.
15. Purchased office supplies on account from J-Mart Co., $500.
19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150.
23. Purchased field supplies on account from Tri Cities Supplies, $2,450.
26. Purchased office supplies on account from J-Mart Co., $265.
30. Purchased field supplies on account from Tri Cities Supplies, $3,040.
Instructions
1. Insert the following balances in the general ledger as of May 1:
$ 6,200
1,490
14 Field Supplies
15 Office Supplies
18 Office Equipment
21 Accounts Payable
19,400
5,145
2. Insert the following balances in the accounts payable subsidiary ledger as of May 1:
Accu-Vision Supply Co.
$3,900
J-Mart Co.
730
Lassiter Co.
515
Tri Cities Supplies
Wendell Co.
3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one
illustrated in this chapter. Prepare the purchases journal with columns for Accounts
Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor
accounts in the accounts payable subsidiary ledger immediately after each entry.
4. Post the purchases journal to the accounts in the general ledger.
5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31?
b. What is the balance of the accounts payable controlling account at May 31?
6. What type of e-commerce application would be used to plan and coordinate transactions
with suppliers?
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Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field supplies on account from Wendell Co., $3,240. 3. Purchased office supplies on account from Lassiter Co., $340. 8. Purchased field supplies on account from Tri Cities Supplies, $4,500. 12. Purchased field supplies on account from Wendell Co., $3,670. 15. Purchased office supplies on account from J-Mart Co., $500. 19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150. 23. Purchased field supplies on account from Tri Cities Supplies, $2,450. 26. Purchased office supplies on account from J-Mart Co., $265. 30. Purchased field supplies on account from Tri Cities Supplies, $3,040. Instructions 1. Insert the following balances in the general ledger as of May 1: $ 6,200 1,490 14 Field Supplies 15 Office Supplies 18 Office Equipment 21 Accounts Payable 19,400 5,145 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: Accu-Vision Supply Co. $3,900 J-Mart Co. 730 Lassiter Co. 515 Tri Cities Supplies Wendell Co. 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?

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Expert Answer

Step 1

1, 2 & 3

Record the transactions in General ledger and balances in the accounts payable subsidiary ledger and the transactions for October in journal.

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General Ledger Field Supplies Account Number 14 Balance Post Ref. Debit Credit Date Items Debit Credit 6,200 May Balance 31 P30 16,900 23,100 Workings: Office Supplies Account Number 15 Balance Post Ref. Credit Debit Items Debit Credit Date May Balance 1,490 1,105 2,595 31 P30 Account: Office Equipment Account Number 18 Balance Date Items Post Ref. Debit Credit Debit Credit May 1 Balance 19,400 P30 8,150 27,550 Account: Accounts Payable Account Number 21 Balance Debit Credit Items Date Post Ref. Debit Credit May 1 5,145 Balance 31 P30 26,155 31,300

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Step 2

4)

Prepare purchase journal ledger:

 

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Purchase Journal Accounts Field Office Ассошt Post Ref. Payable Supplies Supplies Other Accounts Post Ref. Amount Date Credited Cr. Dr. 3,240 Dr. W Co. L Co. May 3,240 340 4,500 3,670 500 340 TS Co. 4,500 W Co. 3,670 12 JM Co. 500 15 office Equipment AVS Co. 8,150 2,450 19 18 8,150 TS Co. 23 2,450 26 JM Co. 265 265 TS Co. 30 3,040 3,040 31 26,155 16,900 1.105 8,150 21 14 15

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Step 3

5.a

Determine the sum of the balances of the creditors accounts in t...

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Creditors Amount AVS Co. $12,050 JM Co. S1,495 L Co. $855 TS Co. $9,990 W Co. $6,910 Total $31,300

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