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Purchases journal The following purchase transactions occurred during October for K-Town Inc.: Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc. 14. Purchased office equipment for $2,100, on account from Zell Computer Inc. 26. Purchased office supplies for 5295, on account from U-Save Supply Inc. Record these transactions in the following purchases journal format: PURCHASESJOURNAL Date Account Credited Post. Ref. Accounts Payable Cr. Party Supplies Dr. Other Accounts Dr. Post. Ref. Amount

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
Chapter 5, Problem 5.3APE
Textbook Problem
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Purchases journal

The following purchase transactions occurred during October for K-Town Inc.:

Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc.
14. Purchased office equipment for $2,100, on account from Zell Computer Inc.
26. Purchased office supplies for 5295, on account from U-Save Supply Inc.

Record these transactions in the following purchases journal format:

PURCHASESJOURNAL
Date Account Credited Post. Ref. Accounts Payable Cr. Party Supplies Dr. Other Accounts Dr. Post. Ref. Amount

To determine

Purchase Journal

A journal is a book of original entry where all journal entries are recorded on the date of their occurrence in a chronological order.

Purchase Journal It is a special book where only purchase transactions that are purchased from suppliers on credit are recorded.

To record: The transactions in the purchase journal.

Explanation of Solution

Purchased office supplies for $190 on account-

In this case, office supplies are purchased from USS Company for $190 on account, so recorded in the purchase journal.

Purchased office equipment for $2,100 on account-

In this case, o...

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Chapter 5 Solutions

Accounting
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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 - Purchases journal The following purchase...Ch. 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 - Segment analysis Back Country Life, Inc., does...Ch. 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 - Prepare journal entries in a revenue journal...Ch. 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 - Identify transactions in accounts payable...Ch. 5 - Prepare journal entries in a purchases journal...Ch. 5 - Posting a purchases journal The purchases journal...Ch. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Purchases and cash payments journals Transactions...Ch. 5 - Purchases and cash payments journals Happy Tails...Ch. 5 - Error in accounts payable subsidiary ledger After...Ch. 5 - Identify postings from special journals Pinnacle...Ch. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Computerized accounting systems and e-commerce...Ch. 5 - E-commerce For each of the following companies,...Ch. 5 - Segment revenue horizontal analysis Starbucks...Ch. 5 - Segment revenue vertical analysis Twenty-First...Ch. 5 - Segment revenue horizontal and vertical analyses...Ch. 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 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Communication Internet-based accounting software...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...

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