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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Prepare journal entries in a purchases journal

Protection Services Inc. had the following transactions during the month of June:

June 4. Purchased office supplies from Office Universe Inc. on account, $490.

9. Purchased office equipment on account from Tek Village Inc., $2,790.

16. Purchased office supplies from Office Universe Inc. on account, $140.

21. Purchased office supplies from Paper-to-Go Inc. on account, $225.

27. Paid invoice on June 4 purchase from Office Universe Inc.

a. Record the June purchase transactions for Protection Services Inc. in the following purchases journal format:

Chapter 5, Problem 5.14EX, Prepare journal entries in a purchases journal Protection Services Inc. had the following

b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for June?

c. What is the June 30 balance of the Office Universe Inc. creditor account assuming a zero balance on June 1?

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

Explanation

Purchase journal of PS Incorporation is as follows:

Purchase journal

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

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