College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
PURCHASES JOURNAL Ann Benton, owner of Benton’s Galleria, made the following purchases of merchandise on account during the month of October:
REQUIRED
- 1. Record the transactions in the purchases journal. Total and rule the journal.
- 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.
1.
Prepare the given transactions in the purchase journal.
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 | |||||||
| Â | Date | Invoice No. | From Whom Purchased |
Post. Ref | Purchases Debit Accounts Payable Credit | Â | |
| 1 | 20-- October | 2 | 321 | B Distributors | ✓ | 1,950 | 1 |
2.
Post the purchase journal to the general ledger, and accounts payable ledger accounts.
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