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Chapter 5 Homework Assignment (part 2) PE.05-03.ALGO PE.05-04.ALGO EX.05-04 EX.05-11 EX.05-12 EX.05-14.ALGO EX.05-15.ALGO EX.05-16.ALGO EX.05-17.ALGO EX.05-18.ALGO...

Chapter 5 Homework Assignment (part 2)

PE.05-03.ALGO

PE.05-04.ALGO

EX.05-04

EX.05-11

EX.05-12

EX.05-14.ALGO

EX.05-15.ALGO

EX.05-16.ALGO

EX.05-17.ALGO

EX.05-18.ALGO

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Posting a Purchases Journal

The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a March 1, 20Y2, balance of $605 for an amount owed to Nicely Co. No payments were made on creditor invoices during March.

PURCHASES JOURNAL Page 16
Date Account Credited Post.
Ref.
Accts.  
Payable  
Cr.    
Cleaning  
Supplies  
Dr.    
Other  
Accounts  
Dr.    
Post.
Ref.
Amount    
20Y2
Mar. 4 Enviro-Wash Supplies Inc. 945 945
Mar. 15 Nicely Co. 410 410
Mar. 20 Office Mate Inc. 4,475 Office Equipment 4,475
Mar. 26 Enviro-Wash Supplies Inc. 545 545
Mar. 31 6,375 1,900 4,475

a. & b. Post the transactions from the purchases journal to the creditor accounts and determine their ending balances.

Enviro-Wash Supplies Inc.
31 Bal.
Nicely Co.
31 Bal.
Office Mate Inc.
31 Bal.

c. Prepare T accounts for the accounts payable control and cleaning supplies accounts. Post control totals to the two accounts, and determine their ending balances. Cleaning Supplies had a zero balance at the beginning of the month.

Accounts Payable
31 Bal.
Cleaning Supplies
31 Bal.

d. Prepare a schedule of the creditor account balances to verify the equality of the sum of the accounts payable creditor balances and the accounts payable controlling account balance.

Newmark Exterior Cleaners Inc.
Accounts Payable Creditor Balances
March 31, 20Y2
Enviro-Wash Supplies Inc. $
Nicely Co.
Office Mate Inc.
Total supplier account balances $

e. All of the following are ways a computerized accounting system might differ from the use of a purchases journal in recording purchase transactions EXCEPT:

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a. & b. Post the transactions from the purchases journal to the creditor accounts and determine their ending balances.
Enviro-Wash Supplies Inc.
Mar 4 $                                945
Mar 26 $                                545
31 Bal. $                             1,490
Nicely Co.
Beginning $                                605
Mar 15 $                                410
31 Bal. $                             1,015
Office Mate Inc.
Mar 20 $                             4,475
31 Bal. $                             4,475
C.
Accounts Payable
Beginning $                                605
Mar 4 $                                945
Mar 15 $                                410
Mar 20 $                             4,475
Mar 26 $                                545
31 Bal. $                             6,980
Cleaning Supplies
Mar 4 $                            945
Mar 15 $                            410
Mar 26 $                            545
31 Bal. $                 1,900
d.
Newmark Exterior Cleaners Inc.
Accounts Payable Creditor Balances
March 31, 20Y2
Enviro-Wash Supplies Inc. $             1,490.00
Nicely Co. $             1,015.00
Office Mate Inc. $             4,475.00
Total supplier account balances $             6,980.00

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