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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 10 months ago
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