Concept explainers
Posting from the purchases journal; balancing the ledgers
Learning Objective 3
Merchandise Inventory DR column total $2,300
The purchases journal of Southeastern Publishing Company follows:
Purchases journal | |||||||||
Other Account DR | |||||||||
Date | Vender Account Credited | Terms | Post. Ref. | Accounts Payable CR | Merchandise Inventory DR | Office Supplies DR | Account title | Post, Ref. | Amount |
2018 | |||||||||
Sep. 2 | Leap Tech | n/30 | 830 | 830 | |||||
5 | Jell Supply | n/30 | 155 | 155 | |||||
13 | Leap Tech | /10, n/30 |
1,470 | ||||||
26 | Fallon Equipment | n/30 | 880 | Equipment | 880 | ||||
Sep. 30 | total | ||||||||
Requirements
- Total each column of the purchases journal.
2. Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120),
Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases
journal. Use dates and posting references in the accounts.
3. Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, Jell
Supply, and Leap Tech. Post from the purchases journal. Use dates and posting references in
the ledger accounts.
4. Balance the Accounts Payable control account in the general ledger with the total of the ending
balances in the accounts payable subsidiary ledger.
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Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
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