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w.com/ilm/takeAssignment/lakeAssignmentMain.do?invoker-assignments&takeAssignmentsessionLocator-assignment-take;&inprogress; Calculator 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, $570. 11 Returned merchandise to A & D Arms, $645 23 Returned merchandise to Mighty Mansion, $300. General Ledger Account No. Account Balance Mar 1, 20- 202 Accounts Payable $8,240 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name A & D Arms Mighty Mansion Tower Industries Journalize the transactions. Do not enter the posting references until you complete part 2 Balance Mar 1, 20- $2,400 1,300 4,540 PAGE 3 GENERAL JOURNAL POST. REF DEBIT CREDIT DATE DESCRIPTION 20- Mar. 5 Next 210 PM EExplanation / Answer
1. Tower industries Dr. 570
To Purchase Return 570
( Being goods returned )
2. A & D arms Dr. 645
To Purchase Return 645
( Being goods returned )
3. Mighty Mansion Dr. 300
To Purchase Return 300
( Being goods returned )
General ledger balances
Accounts Payable Credit balance 8240 less debit 1515 = Net credit balance of 6725
Purchase return and allowances Credit balance of 1515
A & D arms Credit balance 2400 less debit 645 = Net credit balance of 1755
Tower industries Credit balance 4540 less debit 570 = Net credit balance of 3970
Mighty Mansion Credit balance 1300 less debit 300 = Net credit balance of 1000
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