Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Determine the balance of accounte payable - adler corporation as of october 31. 2. Determine the balance of the accounts payable - hendry company as of october 31

1. Determine the balance of accounte payable - adler corporation as of october 31. 2. Determine the balance of the accounts payable - hendry company as of october 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

1. Determine the balance of accounte payable - adler corporation as of october 31.

2. Determine the balance of the accounts payable - hendry company as of october 31

Goren Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct. 5 Purchased merchandise on account for 20,000 from Hendry Company. Terms: 2/10, n/30; FOB shipping point. Oct. 6 Paid 7,200 to Federated Insurance Company for a two-year fire insurance policy. Oct. 8 Purchased store supplies on account for 700 from Flint Supply Company. Terms: 2/10, n/30. Oct. 11 Purchased merchandise on account for 14,000 from Adler Corporation. Terms: 2/10, n/30; FOB shipping point. Oct. 13 Granted a reduction of 3,000 to Adler Corporation for merchandise purchased on Oct 11 and returned because of damage. Oct. 15 Paid Hendry Company for merchandise purchased on October 5, less discount. Oct. 16 Purchased merchandise for 8,000 cash from Clifford Company. Oct. 21 Paid Adler Corporation for merchandise purchased on October 11, less merchandise returned on October 13, less discount. Oct. 25 Purchased merchandise on account for 22,000 from Eaton Company. Terms: 2/10, n/30; FOB shipping point. Oct. 31 Purchased office equipment for 30,000 cash from Pate Office Supply Company
Transcribed Image Text:Goren Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct. 5 Purchased merchandise on account for 20,000 from Hendry Company. Terms: 2/10, n/30; FOB shipping point. Oct. 6 Paid 7,200 to Federated Insurance Company for a two-year fire insurance policy. Oct. 8 Purchased store supplies on account for 700 from Flint Supply Company. Terms: 2/10, n/30. Oct. 11 Purchased merchandise on account for 14,000 from Adler Corporation. Terms: 2/10, n/30; FOB shipping point. Oct. 13 Granted a reduction of 3,000 to Adler Corporation for merchandise purchased on Oct 11 and returned because of damage. Oct. 15 Paid Hendry Company for merchandise purchased on October 5, less discount. Oct. 16 Purchased merchandise for 8,000 cash from Clifford Company. Oct. 21 Paid Adler Corporation for merchandise purchased on October 11, less merchandise returned on October 13, less discount. Oct. 25 Purchased merchandise on account for 22,000 from Eaton Company. Terms: 2/10, n/30; FOB shipping point. Oct. 31 Purchased office equipment for 30,000 cash from Pate Office Supply Company
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS