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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:
Check My Work7 more Check My Work uses remaining.
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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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