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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

PURCHASES JOURNAL Ann Benton, owner of Benton’s Galleria, made the following purchases of merchandise on account during the month of October:

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REQUIRED

  1. 1. Record the transactions in the purchases journal. Total and rule the journal.
  2. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.

1.

To determine

Prepare the given transactions in the purchase journal.

Explanation

Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account.

Prepare the given transactions in a purchases journal:

Purchases Journal
 DateInvoice No.From Whom Purchased

Post.

Ref

Purchases Debit Accounts Payable Credit 
120-- October2321B Distributors1,9501

2.

To determine

Post the purchase journal to the general ledger, and accounts payable ledger accounts.

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