Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Engl

Question

Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger

English Garden 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 English Garden Landscaping during January 2016 are as follows:

Note: Posting references have been provided.

Required:

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

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.

2. Insert the following balances in the accounts payable subsidiary ledger as of January 1:

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.

3. Journalize the transactions for January (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".

5a. What is the sum of the creditor balances in the subsidiary ledger at January 31?
$

5b. What is the balance of the account payable controlling account at January 31?
$

6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?

Jan. 2. Purchased office supplies on account from Meade Co., $5,590. 5. Purchased office equipment on account from Peach Computers Co., $8,030. 9. Purchased office supplies on account from Executive Office Supply Co., $580. 13. Purchased field supplies on account from Yamura Co., $6,360. 14. Purchased field supplies on account from Naples Co., $840. 17. Purchased field supplies on account from Yamura Co., $15,130. 24. Purchased field supplies on account from Naples Co., $4,260. 29. Purchased office supplies on account from Executive Office Supply Co., $380. 31. Purchased field supplies on account from Naples Co., $5,580.

Explanation / Answer

(1)

  Account: Field Supplies #14   

2016 Balance 11380

13 jan Yamura & Co. 6360 - 17740

14 jan naples Co. 840 - 18580

17 jan Yamura & Co. 15130 - 33710

24 jan naples Co. 4260 - 37970

31 jan Naples Co. 5580 - 43550

Account: Office Supplies #15

2016 Balance 2610

2 Jan Meade Co. 5590 - 8200

9 Jan Executive office supllies Co. 580 - 8780

29 jan   Executive office supllies Co. 380 - 9160

Account: Office Equipment #18

2016 Balance 38370

5Jan Peach Computers nac Co. 8030 - 46400

Account: Accounts Payable #21

2016 Balance(Cr.) 9760

  2 Jan Office supplies - 5590 15350

5 Jan Office equipment - 8030 23380

9 Jan Office supplies - 580 23960

13 jan Field Supplies - 6360 30320

14 jan Field Supplies - 840 31160

17 jan Field supplies - 15130 46290

24 Jan Field Supplies - 4260 50550

29 jan Office supplies - 380 50930

31 jan Field Supplies - 5580 56510

GENERAL LEDGER Balance Date Item Post. Ref. Debit Credit Dr Cr

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