Question

In: Accounting

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

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., $400.
Oct. 5. Purchased office equipment on account from Peach Computers Co., $3,980.
Oct. 9. Purchased office supplies on account from Executive Office Supply Co., $320.
Oct. 13. Purchased field supplies on account from Yamura Co., $1,420.
Oct. 14. Purchased field supplies on account from Omni Co., $2,940.
Oct. 17. Purchased field supplies on account from Yamura Co., $1,890.
Oct. 24. Purchased field supplies on account from Omni Co., $3,880.
Oct. 29. Purchased office supplies on account from Executive Office Supply Co., $310.
Oct. 31. Purchased field supplies on account from Omni Co., $1,800.

Note: Posting references have been provided.

Required:

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

14 Field Supplies $5,920
15 Office Supplies 750
18 Office Equipment 12,300
21 Accounts Payable 1,170

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. $390
Meade Co. 780
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, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger 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
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?

Check My Work2 more Check My Work uses remaining.

Solutions

Expert Solution

Sterling Forest Landscaping
General Ledger
1) Account: Field Supplies #14 Balance
Date Item Post.Ref Debit Credit Debit Credit
1-Oct $                   5,920.00
13-Oct $               1,420.00 $                   7,340.00
14-Oct $               2,940.00 $                 10,280.00
17-Oct $               1,890.00 $                 12,170.00
24-Oct $               3,880.00 $                 16,050.00
31-Oct $               1,800.00 $                 17,850.00
Account: Office Supplies #15 Balance
Date Item Post.Ref Debit Credit Debit Credit
1-Oct $                       750.00
2-Oct $                   400.00 $                   1,150.00
9-Oct $                   320.00 $                   1,470.00
29-Oct $                   310.00 $                   1,780.00
Account: Office Equipment #18 Balance
Date Item Post.Ref Debit Credit Debit Credit
1-Oct $                 12,300.00
5-Oct $               3,980.00 $                 16,280.00
Account: accounts Payable #21 Balance
Date Item Post.Ref Debit Credit Debit Credit
1-Oct $                                -   $          1,170.00
2-Oct $                      400.00 $          1,570.00
5-Oct $                   3,980.00 $          5,550.00
9-Oct $                      320.00 $          5,870.00
13-Oct $                   1,420.00 $          7,290.00
14-Oct $                   2,940.00 $       10,230.00
17-Oct $                   1,890.00 $       12,120.00
24-Oct $                   3,880.00 $       16,000.00
29-Oct $                      310.00 $       16,310.00
31-Oct $                   1,800.00 $       18,110.00
2) Accounts Payable Subsidiary Ledger
Executive Office Supply Company
Date Item Post Ref Debit Credit Balance
1-Oct Balance $                       390.00
9-Oct P30 $                      320.00 $                       710.00
29-Oct P30 $                      310.00 $                   1,020.00
Meade Co.
Date Item Post Ref Debit Credit Balance
1-Oct Balance $                       780.00
2-Oct P30 $                      400.00 $                   1,180.00
Omni Co.
Date Item Post Ref Debit Credit Balance
14-Oct $                   2,940.00 $                   2,940.00
24-Oct $                   3,880.00 $                   6,820.00
31-Oct $                   1,800.00 $                   8,620.00
Peach Computer Company
Date Item Post Ref Debit Credit Balance
5-Oct $                   3,980.00 $                   3,980.00
Yamura Co.
Date Item Post Ref Debit Credit Balance
13-Oct $                   1,420.00 $                   1,420.00
17-Oct $                   1,890.00 $                   3,310.00
3 and 4)
Purchases Journal
Date Amount Credited Post Ref. Accounts Payable (Cr) Field supplies (Dr) Office supplies (Dr) Other Accounts (Dr) Post Ref. Amount
2-Oct Meade Co. $                          400.00 $                      400.00
5-Oct Peach Computer co. $                       3,980.00 $                   3,980.00
9-Oct Executive Office Suply Co. $                          320.00 $                      320.00
13-Oct Yamura Co. $                       1,420.00 $               1,420.00
14-Oct Omni Co. $                       2,940.00 $               2,940.00
17-Oct Yamura Co. $                       1,890.00 $               1,890.00
24-Oct Omni Co. $                       3,880.00 $               3,880.00
29-Oct Executive Office Suply Co. $                          310.00 $                      310.00
31-Oct Omni Co. $                       1,800.00
$                    16,940.00 $             10,130.00 $                   1,030.00 $                   3,980.00
Balance in Accounts Payable Subisidiary Ledger on 31st October
5a) Executive Office Supply Co. $       1,020.00
Meade Co. $       1,180.00
Peach Comuter Co. $       3,980.00
Omni Co. $       8,620.00
Yamura Co. $       3,310.00
5b) Balance in Accounts Payable $     18,110.00

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping....
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...
Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping....
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., $5,200. 5. Purchased office equipment on account from Peach Computers Co., $7,480. 9. Purchased office supplies on account from Executive...
urchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping....
urchases, 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., $400. Oct. 5. Purchased office equipment on account from Peach Computers Co., $3,980. Oct. 9. Purchased office supplies on account...
Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies,...
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 2016 are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $400. 5. Purchased office equipment on account from Peach Computers Co., $3,980. 9. Purchased office supplies on account from Executive Office Supply Co., $320. 13. Purchased field supplies...
Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.
Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.  
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Using page...
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5 Returned merchandise to Tower Industries, $560. 11 Returned merchandise to A & D Arms, $600. 23 Returned merchandise to Mighty Mansion, $290. General Ledger Account No. Account Balance Mar 1, 20-- 202 Accounts Payable $8,440 501.1 Purchases Returns and Allowances...
Define in own words CHAPTER 5 – Accounting Systems Accounting system Accounts payable subsidiary ledger Accounts...
Define in own words CHAPTER 5 – Accounting Systems Accounting system Accounts payable subsidiary ledger Accounts receivable subsidiary ledger Cash payments journal Cash receipts journal Controlling account e-Commerce General journal General ledger Internal controls Invoice Purchases journal Revenue journal Special journals Subsidiary ledger
a) Approval of bad debt write-offs and the reconciliation of accounts receivable subsidiary ledger and the general ledger control account.
  Explain why each of the following combinations of tasks should or should not be separated to achieve adequate internal control: a) Approval of bad debt write-offs and the reconciliation of accounts receivable subsidiary ledger and the general ledger control account. b) Distribution of payroll cheques to employees and approval of employee time cards. c) Posting of amounts from both the cash receipts and the cash disbursements journals to the general ledger. d) Writing cheques to suppliers and posting to...
The ledger of a company contained the following account balances on December 31: Accounts Payable $...
The ledger of a company contained the following account balances on December 31: Accounts Payable $ 15,200 Fees Income $ 190,000 Accounts Receivable 6,800 Supplies 5,200 Accumulated Depreciation 10,000 Prepaid Rent 66,000 Cash 92,000 Rent Expense 10,000 Depreciation Expense 10,000 Supplies Expense 9,200 Equipment 80,000 Teresa Davis, Capital 138,400 Teresa Davis, Drawing 58,000 Utilities Expense 16,400 All the accounts have normal balances. Prepare the December 31 closing entries.
REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable...
REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable and Schedule of Accounts Payable from the following information and Journals using T Accounts with a balance column. Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30). Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM. 2 Borrowed $88, 500 cash from Wisconsin Bank...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT