The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Colonial Inc. ADDRESS 5000 Grand Ave. Post. Ref. Date Item Debit Credit Balance Jan. 1 Balance 92 Invoice No. 122 CP71 11 64 28 Invoice No. 139 P55 26 72 100 Describe each transaction and the source of each posting.

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
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Problem 4PEA: The debits and credits from two transactions are presented in the following creditors (suppliers)...
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The debits and credits from two transactions are presented in the following creditor's
(supplier's) account:
NAME
Colonial Inc.
ADDRESS
5000 Grand Ave.
Post.
Ref.
Date
Item
Debit
Credit
Balance
Jan. 1
Balance
92
Invoice No. 122
CP71
11
64
28
Invoice No. 139
P55
26
72
100
Describe each transaction and the source of each posting.
Transcribed Image Text:The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Colonial Inc. ADDRESS 5000 Grand Ave. Post. Ref. Date Item Debit Credit Balance Jan. 1 Balance 92 Invoice No. 122 CP71 11 64 28 Invoice No. 139 P55 26 72 100 Describe each transaction and the source of each posting.
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