2 Semester Cengage Now, Warren Accounting
26th Edition
ISBN: 9781305662308
Author: WARREN
Publisher: Cengage
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Chapter 5, Problem 5.17EX
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.
Cash payments journal
Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).
Accounts payable control account and subsidiary ledger
Accounts payable account and subsidiary ledger is the ledger which is used to post the creditors transaction in one particular ledger account. It helps the business for locate the error in the creditor ledger balance. After all transactions of creditor accounts are posted, the balances in the accounts payable subsidiary ledger should be totaled, and compare with the balance in the general ledger of accounts payable. If both the balance does not agree, the error has been located and corrected.
Subsidiary ledger
Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.
To prepare: A purchase journal and cash payment journal to record the transactions.
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Purchases and Cash Payments Journals
Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows:
May 1.
Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $360.
3.
Purchased cleaning supplies on account from Brite N' Shine Products Inc., $220.
8.
Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $3,680.
12.
Purchased cleaning supplies on account from Porter Products Inc., $310.
15.
Issued Check No. 59 to Bowman Electrical Service in payment of account, $180.
18.
Purchased supplies on account from Bio Safe Supplies Inc., $410.
20.
Purchased electrical repair services from Bowman Electrical Service on account, $150.
26.
Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice.
31.
Issued Check No. 61 in payment of salaries, $7,050.
Wisk Away Cleaning Services Inc. uses the following accounts:
Cash
11…
Purchases and Cash Payments Journals
Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows:
May 1.
Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $345.
May 3.
Purchased cleaning supplies on account from Brite N’ Shine Products Inc., $200.
May 8.
Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $2,860.
May 12.
Purchased cleaning supplies on account from Porter Products Inc., $360.
May 15.
Issued Check No. 59 to Bowman Electrical Service in payment of account, $145.
May 18.
Purchased supplies on account from Bio Safe Supplies Inc., $240.
May 20.
Purchased electrical repair services from Bowman Electrical Service on account, $110.
May 26.
Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice.
May 31.
Issued Check No. 61 in payment of salaries, $5,600.
Wisk Away Cleaning Services Inc. uses the…
Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows:May 1. Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $345.3. Purchased cleaning supplies on account from Brite N’ Shine Products Inc., $200.8. Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $2,860.12. Purchased cleaning supplies on account from Porter Products Inc., $360.15. Issued Check No. 59 to Bowman Electrical Service in payment of account, $145.18. Purchased supplies on account from Bio Safe Supplies Inc., $240.20. Purchased electrical repair services from Bowman Electrical Service on account, $110.26. Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice.31. Issued Check No. 61 in payment of salaries, $5,600.Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text.…
Chapter 5 Solutions
2 Semester Cengage Now, Warren Accounting
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQCh. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQCh. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQCh. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Prob. 5.3BPECh. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Prob. 5.5BPECh. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prob. 5.6EXCh. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Identify postings from purchases journal Using the...Ch. 5 - Identify postings from cash payments journal Using...Ch. 5 - Prob. 5.13EXCh. 5 - Prob. 5.14EXCh. 5 - Prob. 5.15EXCh. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Prob. 5.17EXCh. 5 - Prob. 5.18EXCh. 5 - Prob. 5.19EXCh. 5 - Prob. 5.20EXCh. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Prob. 5.23EXCh. 5 - Prob. 5.24EXCh. 5 - Prob. 5.25EXCh. 5 - Prob. 5.26EXCh. 5 - Prob. 5.27EXCh. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Prob. 5.1BPRCh. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Prob. 5.4BPRCh. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...Ch. 5 - Communication Internet-based accounting software...
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