Question

In: Accounting

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 ---
Accounts Payable Ledger
Name Balance Mar 1, 20--
A & D Arms $2,450
Mighty Mansion 1,470
Tower Industries 4,520

Journalize the transactions. Do not enter the posting references until you complete part 2.

GENERAL JOURNAL PAGE 3
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20--
Mar. 5 Accounts Payable/Tower Industries √
     Purchases Returns and Allowances    
Returned merchandise
Mar. 11 Accounts Payable/A & D Arms √
     Purchases Returns and Allowances    
Returned merchandise
Mar. 23 Accounts Payable/Mighty Mansion √
     Purchases Returns and Allowances    
Returned merchandise

After posting to the general ledger, go to part 1 and complete the posting. Enter the transactions in chronological order. If an amount box does not require an entry, leave it blank.

GENERAL LEDGER
ACCOUNT Accounts Payable ACCOUNT NO. 202
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Mar. 1 Balance √ 8,440
Mar. 5 J3
Mar. 11 J3
Mar. 23 J3
ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 501.1
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Mar. 5 J3
Mar. 11 J3
Mar. 23 J3
ACCOUNTS PAYABLE LEDGER
NAME A & D Arms
ADDRESS
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
20--
Mar. 1 Balance √ 2,450
Mar. 5 J3
NAME Mighty Mansion
ADDRESS
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
20--
Mar. 1 Balance √ 1,470
Mar. 11 J3
NAME Tower Industries
ADDRESS
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
20--
Mar. 1 Balance √ 4,520
Mar. 23 J3

Solutions

Expert Solution

  • Answer is provided as asked
  • All AMOUNTS are in “ $ “

GENERAL JOURNAL

PAGE 3

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

20--

Mar. 5

Accounts Payable/Tower Industries

√

560

     Purchases Returns and Allowances

   

560

Returned merchandise

Mar. 11

Accounts Payable/A & D Arms

√

600

     Purchases Returns and Allowances

   

600

Returned merchandise

Mar. 23

Accounts Payable/Mighty Mansion

√

290

     Purchases Returns and Allowances

   

290

Returned merchandise

GENERAL LEDGER

ACCOUNT

Accounts Payable

ACCOUNT NO.

202

BALANCE

DATE

ITEM

POST. REF.

DEBIT

CREDIT

DEBIT

CREDIT

20--

Mar. 1

Balance

√

8,440

Mar. 5

     Purchases Returns and Allowances

J3

560

7,880

Mar. 11

     Purchases Returns and Allowances

J3

600

7,280

Mar. 23

     Purchases Returns and Allowances

J3

290

6,990

ACCOUNT

Purchases Returns and Allowances

ACCOUNT NO.

501.1

BALANCE

DATE

ITEM

POST. REF.

DEBIT

CREDIT

DEBIT

CREDIT

20--

Mar. 5

Accounts payables

J3

560

560

Mar. 11

Accounts payables

J3

600

1160

Mar. 23

Accounts payables

J3

290

1450

ACCOUNTS PAYABLE LEDGER

NAME

Tower Industries

ADDRESS

DATE

ITEM

POST. REF.

DEBIT

CREDIT

BALANCE

20--

Mar. 1

Balance

√

4,520

Mar. 5

     Purchases Returns and Allowances

J3

560

3,960

NAME

Mighty Mansion

ADDRESS

DATE

ITEM

POST. REF.

DEBIT

CREDIT

BALANCE

20--

Mar. 1

Balance

√

1,470

Mar.23

     Purchases Returns and Allowances

J3

290

1,180

NAME

A & D Arms

ADDRESS

DATE

ITEM

POST. REF.

DEBIT

CREDIT

BALANCE

20--

Mar. 1

Balance

√

2,450

Mar.11

     Purchases Returns and Allowances

J3

600

1,850

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

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...
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.  
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., $400. Oct. 5. Purchased office equipment on account from Peach Computers Co., $3,980. Oct. 9. Purchased office supplies on account...
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...
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts...
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts receivable 108,590 Allowance for doubtful accounts 8,500 Accumulated depreciation – equipment 27,740 Depreciation expense 1,200 Interest revenue 2,100 Cash 80,970 Common stock (10,000 shares outstanding) 100,000 Cost of goods sold 598,550 Dividends declared 18,000 Equipment 139,450 General expenses 114,250 Dividends payable 2,000 Sales discounts 23,000 Interest expense 5,600 Paid-in capital in excess of par 110,000 Marketable Securities 12,000 Merchandise inventory 154,250 Prepaid insurance 11,225...
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts...
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts receivable 108,590 Allowance for doubtful accounts 8,500 Accumulated depreciation – equipment 27,740 Depreciation expense 1,200 Interest revenue 2,100 Cash 80,970 Common stock (10,000 shares outstanding) 100,000 Cost of goods sold 598,550 Dividends declared 18,000 Equipment 139,450 General expenses 114,250 Dividends payable 2,000 Sales discounts 23,000 Interest expense 5,600 Paid-in capital in excess of par 110,000 Marketable Securities 12,000 Merchandise inventory 154,250 Prepaid insurance 11,225...
Record below listed transactions under the appropriate General Ledger accounts. Be sure to list the Posting...
Record below listed transactions under the appropriate General Ledger accounts. Be sure to list the Posting Reference number in the space provided under the General Ledger account for each transaction. Remember, each transaction should affect at LEAST two seperate General Ledger accounts. Posting Reference Date Transaction PR 1 1/1/2020 Record owner's investment of $10,000 cash. PR 2 1/1/2020 Purchased equipment at a total cost of $6,000. $1,000 of purchase paid with cash and the remainder paid with note payble in...
Please explain about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these...
Please explain about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements? 2. Please explain about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements? 3. How are sales to customers using credit cards recorded? 4. Please create an example of an Income Statement for a merchandising business.
After posting all entries to the ledger, the Accounts Payable T-account will show which of the following? (Select all that apply.)
 After posting all entries to the ledger, the Accounts Payable T-account will show which of the following? (Select all that apply.) Payments made on the credit side. Ending balance on the bottom of the credit side. Payments made on the debit side. Beginning balance on the top of the debit side. Purchases on account on the debit side. Beginning balance on the top of the credit side. Purchases on account on the credit side. Ending balance on the bottom of the debit side.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT