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Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping....

  1. Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger

    Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows:

    Oct. 2. Purchased office supplies on account from Meade Co., $3,560.
    5. Purchased office equipment on account from Peach Computers Co., $5,120.
    9. Purchased office supplies on account from Executive Office Supply Co., $370.
    13. Purchased field supplies on account from Yamura Co., $4,060.
    14. Purchased field supplies on account from Omni Co., $530.
    17. Purchased field supplies on account from Yamura Co., $9,650.
    24. Purchased field supplies on account from Omni Co., $2,720.
    29. Purchased office supplies on account from Executive Office Supply Co., $240.
    31. Purchased field supplies on account from Omni Co., $3,560.

    Note: Posting references have been provided.

    Required:

    1. Insert the following balances in the general ledger as of October 1:

    14 Field Supplies $7,260
    15 Office Supplies 1,670
    18 Office Equipment 24,480
    21 Accounts Payable 6,230

    After completing the recording of transactions in part 3, post the purchases journal to the accounts in the general ledger. If an amount box does not require an entry, leave it blank.

    GENERAL LEDGER
    Balance
    Date Item Post. Ref. Debit Credit Dr. Cr.
    Account: Field Supplies #14
    Oct. 1 Balance ✔
    P30
    Account: Office Supplies #15
    Oct. 1 Balance ✔
    P30
    Account: Office Equipment #18
    Oct. 1 Balance ✔
    P30
    Account: Accounts Payable #21
    Oct. 1 Balance ✔
    P30

    2. Insert the following balances in the accounts payable subsidiary ledger as of October 1:

    Executive Office Supply Co. $2,060
    Meade Co. 4,170
    Omni Co. -
    Peach Computers Co. -
    Yamura Co. -

    After completing the recording of transactions in part 3, post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. If an amount box does not require an entry, leave it blank.

    ACCOUNTS PAYABLE SUBSIDIARY LEDGER
    Date Item Post. Ref. Debit Credit Balance
    Account: Executive Office Supply Co.
    Oct. 1 Balance ✔
    P30
    P30
    Account: Meade Co.
    Oct. 1 Balance ✔
    P30
    Account: Omni Co.
    P30
    P30
    P30
    Account: Peach Computers Co.
    P30
    Account: Yamura Co.
    P30
    P30

    3. Journalize the transactions for October (in chronological order), using the purchases journal below (p. 30) similar to the one illustrated in this chapter. Post to the creditor accounts in the accounts payable subsidiary ledger (in part 2) immediately after each entry.

    4. Post the purchases journal to the accounts in the general ledger (in part 1). If an amount box does not require an entry, leave it blank.

    If no other account is needed in the "Other Accounts Dr." column select "No entry required".

    PURCHASES JOURNAL PAGE 30
    Date Account Credited Post. Ref. Accounts Payable Cr. Field Supplies Dr. Office Supplies Dr. Other Accounts Dr. Post. Ref. Amount
    Oct. 2 ✔
    Oct. 5 ✔
    Oct. 9 ✔
    Oct. 13 ✔
    Oct. 14 ✔
    Oct. 17 ✔
    Oct. 24 ✔
    Oct. 29 ✔
    Oct. 31 ✔
    Oct. 31
    (✔)

    5a. What is the sum of the creditor balances in the subsidiary ledger at October 31?
    $

    5b. What is the balance of the accounts payable controlling account at October 31?
    $

    6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?

Solutions

Expert Solution

After completing the recording of transactions in part 3, post the purchases journal to the accounts in the general ledger. If an amount box does not require an entry, leave it blank.
GENERAL LEDGER
Balance
Date Item Post. Ref. Debit Credit Dr. Cr.
Account: Field Supplies #14
Oct. 1 Balance ✔ $7,260
Oct.31 P30 20520 $27,780
Account: Office Supplies #15
Oct. 1 Balance ✔ 1670
Oct.31 P30 4170 5840
Account: Office Equipm+A67ent #18
Oct. 1 Balance ✔ 24,480
Oct.31 P30 5120 29,600
Account: Accounts Payable #21
Oct. 1 Balance ✔ 6,230
P30 29810 36,040
2. Insert the following balances in the accounts payable subsidiary ledger as of October 1:
Executive Office Supply Co. $                                  2,060.00
Meade Co. $                                  4,170.00
Omni Co.
Peach Computers Co.
Yamura Co.
After completing the recording of transactions in part 3, post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. If an amount box does not require an entry, leave it blank.
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Date Item Post. Ref. Debit Credit Balance
Account: Executive Office Supply Co
Oct. 1 Balance ✔ 2060
Oct.9 P30 370 2430
Oct.29 P30 240 2670
Account: Meade Co.
Oct. 1 Balance ✔ 4170
Oct.2 P30 3560 7730
Account: Omni Co.
Oct.14 P30 530 530
Oct.24 P30 2720 3250
Oct.31 P30 3560 6810
Account: Peach Computers Co.
Oct.5 P30 5120 5120
Account: Yamura Co.
Oct.13 P30 4060 4060
Oct.17 P30 9650 13710
3. Journalize the transactions for October (in chronological order), using the purchases journal below (p. 30) similar to the one illustrated in this chapter. Post to the creditor accounts in the accounts payable subsidiary ledger (in part 2) immediately after each entry.
4. Post the purchases journal to the accounts in the general ledger (in part 1). If an amount box does not require an entry, leave it blank.
If no other account is needed in the "Other Accounts Dr." column select "No entry required".
PURCHASES JOURNAL PAGE 30
Date Account Credited Post. Ref. Accounts Payable Cr. Field Supplies Dr. Office Supplies Dr. Other Accounts Dr. Post. Ref. Amount
Oct. 2 Meade ✔ 3560 3560
Oct. 5 Peach ✔ 5120 Office Equipment 18 5120
Oct. 9 Executive Office Supply Co ✔ 370 370
Oct. 13 Yamura Co ✔ 4060 4060
Oct. 14 Omni Co. ✔ 530 530
Oct. 17 Yamura Co ✔ 9650 9650
Oct. 24 Omni Co. ✔ 2720 2720
Oct. 29 Executive Office Supply Co ✔ 240 240
Oct. 31 Omni Co. ✔ 3560
Oct. 31 29810 16960 4170 5120
5a. What is the sum of the creditor balances in the subsidiary ledger at October 31?
36,040
5b. What is the balance of the accounts payable controlling account at October 31?
36,040
6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?
Supply chain managemrnt  type of e-commerce application would be used to plan and coordinate transactions with suppliers.

ekkarill92 answered 1 year ago
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