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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:

  1. 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 Office Supply Co., $540.
    13. Purchased field supplies on account from Yamura Co., $5,920.
    14. Purchased field supplies on account from Omni Co., $780.
    17. Purchased field supplies on account from Yamura Co., $14,080.
    24. Purchased field supplies on account from Omni Co., $3,970.
    29. Purchased office supplies on account from Executive Office Supply Co., $350.
    31. Purchased field supplies on account from Omni Co., $5,190.

    Note: Posting references have been provided.

    Required:

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

    14 Field Supplies $10,590
    15 Office Supplies 2,430
    18 Office Equipment 35,720
    21 Accounts Payable 9,090

    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. $3,000
    Meade Co. 6,090
    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 (in chronological order), using the purchases journal below (p. 30) similar to the one illustrated in this chapter. Post to the creditor accounts in the accounts payable subsidiary ledger (in part 2) 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
    (✔)

    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?

Solutions

Expert Solution

SFLD
Field Supplies-14 Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                 10,590.00
31-Oct P30 $              29,940.00 $                 40,530.00
Office Supplies-15 Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                    2,430.00
31-Oct P30 $                6,090.00 $                    8,520.00
Office Equipment-18 Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                 35,720.00
31-Oct P30 $                7,480.00 $                 43,200.00
Accounts Payable-21 Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                     9,090.00
31-Oct P30 $               43,510.00 $                  52,600.00
Accounts Payable Subsidiary Ledger
Executive Office Supply Co. Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                     3,000.00
09-Oct P30 $                     540.00 $                     3,540.00
29-Oct P30 $                     350.00 $                     3,890.00
Meade Co. Balance
Date Item Post Ref Debit Credit Debit Credit
01-Oct $                     6,090.00
02-Oct P30 $                 5,200.00 $                  11,290.00
Omni Co. Balance
Date Item Post Ref Debit Credit Debit Credit
14-Oct $                     780.00 $                        780.00
24-Oct P30 $                 3,970.00 $                     4,750.00
31-Oct $                 5,190.00 $                     9,940.00
Peach Computer Co. Balance
Date Item Post Ref Debit Credit Debit Credit
05-Oct P30 $                 7,480.00 $                     7,480.00
Yamura Co. Balance
Date Item Post Ref Debit Credit Debit Credit
13-Oct $                 5,920.00 Post Ref $                     5,920.00
17-Oct P30 $               14,080.00 $                  20,000.00
Purchase Journal
Date Account Credited Post Ref Accounts Payable Field Supplies(DR) Office Supplies(DR) Other Accounts (DR) Post Ref Amount
02-Oct Meade Co. $                5,200.00 $                    5,200.00
05-Oct Peach computer Co. $                7,480.00 Office Equipment 18 7480
09-Oct Executive Office supply Co. $                    540.00 $                       540.00
13-Oct Yamura Co. $                5,920.00 $                 5,920.00
14-Oct Omni Co. $                    780.00 $                     780.00
17-Oct Yamura Co. $              14,080.00 $               14,080.00
24-Oct Omni Co. $                3,970.00 $                 3,970.00
29-Oct Executive Office supply Co. $                    350.00 $                       350.00
31-Oct Omni Co. $                5,190.00 $                 5,190.00
31-Oct $              43,510.00 $               29,940.00 $                    6,090.00 7480
21 14 (15 18
5a) Creditors Balance in Subsidiary Ledger
Meade Co. $ 11,290.00
Peach Computer Co. $   7,480.00
Executive Office Supply Co. $   3,890.00
Yamura Co. $ 20,000.00
Omni Co. $   9,940.00
Total Accounts Payable $ 52,600.00
5b) Balance of Accounts Payable controlling account=$52600
6) Supply chain management e-commerce application are used to plan and coordinate transactions with suppliers.

ekkarill92 answered 1 year ago
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