2. Below are some of the accounts of Parker Company's ledger as of October 31, 2021. PARKER COMPANY Accounts Payable Subsidiary Ledger Neil Co. Date Explanation Ref Debit Credit Balance Ос-01 GI S5,500 $5,500 Holland Co. Date Explanation Ref Debit Credit Balance Oct-01 PI $9,000 $9,000 Oct-20 PI S8,500 $17,500 Garfield Co. Date Explanation Ref Debit Credit Balance Oct-03 PI $12,500 $12,500 Oct-05 GI $1,500 $11,000 Bell Co. Date Explanation Ref Debit Credit Balance Oct-10 PI $6.600 $6,600 Oct-13 PI $3,400 $10,000 Oct-15 GI $400 $9,600 Oct-22 PI $11,500 $21,100 PARKER COMPANY General Ledger Supplies No. 109 Date Explanation Ref Debit Credit Balance Oct-01 GI $5,500 $5,500 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Oct-01 GI $5,500 $5,500 Oct-05 GI $1,500 $4,000 Oct-15 GI $400 $3,600 Oc-31 PI $51,500 $55,100 Inventory No. 120 Date Explanation Ref Debit Credit Balance Oct-05 GI S1,500 $1,500 Осt-15 GI $400 $1,900 Oct-31 P1 $51,500 $49,600 Instruction: a. From the data above, prepare a single-column purchases journal for October 2021 (assume that all accounts payable owned by Parker Company in October 31, 2021 have the terms 2/10, n/30). b. Prepare general journal entries for October 2021,

2. Below are some of the accounts of Parker Company's ledger as of October 31, 2021. PARKER COMPANY Accounts Payable Subsidiary Ledger Neil Co. Date Explanation Ref Debit Credit Balance Ос-01 GI S5,500 $5,500 Holland Co. Date Explanation Ref Debit Credit Balance Oct-01 PI $9,000 $9,000 Oct-20 PI S8,500 $17,500 Garfield Co. Date Explanation Ref Debit Credit Balance Oct-03 PI $12,500 $12,500 Oct-05 GI $1,500 $11,000 Bell Co. Date Explanation Ref Debit Credit Balance Oct-10 PI $6.600 $6,600 Oct-13 PI $3,400 $10,000 Oct-15 GI $400 $9,600 Oct-22 PI $11,500 $21,100 PARKER COMPANY General Ledger Supplies No. 109 Date Explanation Ref Debit Credit Balance Oct-01 GI $5,500 $5,500 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Oct-01 GI $5,500 $5,500 Oct-05 GI $1,500 $4,000 Oct-15 GI $400 $3,600 Oc-31 PI $51,500 $55,100 Inventory No. 120 Date Explanation Ref Debit Credit Balance Oct-05 GI S1,500 $1,500 Осt-15 GI $400 $1,900 Oct-31 P1 $51,500 $49,600 Instruction: a. From the data above, prepare a single-column purchases journal for October 2021 (assume that all accounts payable owned by Parker Company in October 31, 2021 have the terms 2/10, n/30). b. Prepare general journal entries for October 2021,

Name: 2. Below are some of the accounts of Parker Company's ledger as of Oc
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Description: 2. Below are some of the accounts of Parker Company's ledger as of October 31, 2021.PARKER COMPANYAccounts Payable Subsidiary LedgerNeil Co.DateExplanation RefDebitCreditBalanceOct-01GIS5,500$5,500Holland Co.DateExplanationRefDebitCreditBalanceOct-0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

2. Below are some of the accounts of Parker Company's ledger as of October 31, 2021.
PARKER COMPANY
Accounts Payable Subsidiary Ledger
Neil Co.
Date
Explanation Ref
Debit
Credit
Balance
Oct-01
GI
S5,500
$5,500
Holland Co.
Date
Explanation
Ref
Debit
Credit
Balance
Oct-01
PI
$9,000
$9,000
Oct-20
PI
$8,500
$17,500
Garfield Co.
Date
Explanation Ref
Debit
Credit
Balance
Oct-03
PI
$12,500
$12,500
Oct-05
GI
$1.500
$11,000
Bell Co.
Date
Explanation Ref
Debit
Credit
Balance
Oct-10
P1
S6,600
$6,600
Oct-13
PI
$3,400
$10,000
Oct-15
GI
$400
$9,600
Oct-22
PI
S11,500
$21,100
PARKER COMPANY
General Ledger
Supplies
No. 109
Date
Explanation Ref
Debit
Credit
Balance
Oc-01
GI $5,500
$5,500
Accounts Payable
No. 201
Date
Explanation Ref
Debit
Credit
Balance
Oct-01
GI
$5,500
$5,500
Oct-05
GI
$1,500
$4,000
Oct-15
G1
$400
$3,600
Oct-31
PI
$51,500
$55,100
Inventory
No.120
Date
Explanation Ref
Debit
Credit
Balance
Oct-05
GI
$1,500
$1,500
Оct-15
GI
S400
$1,900
Oct-31
P1
$51,500
$49,600
Instruction:
a. From the data above, prepare a single-column purchases journal for October 2021
(assume that all accounts payable owned by Parker Company in October 31, 2021 have
the terms 2/10, n/30).
b. Prepare general journal entries for October 2021.

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