**Sterling Forest Landscaping Purchases in October**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. The following are purchases made on account by Sterling Forest Landscaping during October:- **October 2**: Purchased office supplies on account from Meade Co., $3,080.- **October 5**: Purchased office equipment on account from Peach Computers Co., $4,430.- **October 9**: Purchased office supplies on account from Executive Office Supply Co., $320.- **October 13**: Purchased field supplies on account from Yamura Co., $3,510.- **October 14**: Purchased field supplies on account from Omni Co., $460.- **October 17**: Purchased field supplies on account from Yamura Co., $8,350.- **October 24**: Purchased field supplies on account from Omni Co., $2,350.- **October 29**: Purchased office supplies on account from Executive Office Supply Co., $210.- **October 31**: Purchased field supplies on account from Omni Co., $3,080.*Note: Posting references have been provided.* **Educational Content on Accounts Payable Ledger**---**Section 2: Account Balances as of October 1**Insert the following balances in the *Accounts Payable Subsidiary Ledger*:- **Executive Office Supply Co.**: $1,780- **Meade Co.**: $3,610- **Orni Co.**: -- **Peach Computers Co.**: -- **Yamura Co.**: -*Note:* 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.---**Tasks:**3. **Journalize Transactions** - 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 subsidiary ledger (in part 2) immediately after each entry.4. **Post to General Ledger** - 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."---**Questions:**5a. **What is the sum of the creditor balances in the subsidiary ledger at October 31?** - Input box for the sum in dollars.5b. **What is the balance of the accounts payable controlling account at October 31?** - Input box for the balance in dollars.---This section focuses on managing and understanding the accounts payable processes through practical application in ledgers and journals.

An accounts payable subsidiary ledger is an accounting ledger that shows the transaction history and amounts owed to each supplier and vendor. An accounts payable (AP) is essentially an extension of credit from a supplier that gives a business (the buyer in the transaction) time to pay for the supplies.Answer: (2.) Accounts Payable Subsidiary Ledger Date Item Post Ref. Debit Credit Balance Account: Executive Office Supply Co. Oct. 1 Balance 1,780 Oct. 9 Purchase Journal P30 320 2,100 Oct. 29 Purchase Journal P30 210 2,310 Account: Meade Co. Oct. 1 Balance 3,610 Oct. 9 Purchase Journal P30 3,080 6,690 Account: Omni Co. Oct. 14 Purchase Journal P30 460 460 Oct. 24 Purchase Journal P30 2,350 2,810 Oct. 31 Purchase Journal P30 3,080 5,890 Account: Peach Computers Co. Oct. 5 Purchase Journal P30 4,430 4,430 Account: Yamura Co. Oct. 13 Purchase Journal P30 3,510 3,510 Oct. 17 Purchase Journal P30 8,350 11,860 (4.) Purchases Journal Date Account Credited Accounts Payable Cr. Field Supplies Dr. Office Supplies Dr. Other Accounts Dr. Oct. 2 Meade Co. 3,080 3,080 No entry required Oct. 5 Peach Computers Co. 4,430 Office Equipment 4,430 Oct. 9 Executive Office Supply Co. 320 320 No entry required Oct. 13 Yamura Co. 3,510 3,510 No entry required Oct. 14 Omni Co. 460 460 No entry required Oct. 17 Yamura Co. 8,350 8,350 No entry required Oct. 24 Omni Co. 2,350 2,350 No entry required Oct. 29 Executive Office Supply Co. 210 210 No entry required Oct. 31 Omni Co. 3,080 3,080 No entry required Total 25,790 17,750 3,610 4,430 (5a.) Executive Office Supply Co. 2,310 Meade Co. 6,690 Omni Co. 5,890 Peach Computers Co. 4,430 Yamura Co. 11,860 Total 31,180 (5b.) Balance of Accounts Payable Controlling Account at Oct. 31 = $31,180.

Business

Accounting

2. Insert the following balances in the accounts payable subsidiary ledger as of October 1: Executive Office Supply Co. $1,780 Meade Co. 3,610 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 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 bsidiary ledger (in part 2) immediately after each entry. 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. no other account is needed in the "Other Accounts Dr." column select "No entry reuirad 21 V) 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?

2. Insert the following balances in the accounts payable subsidiary ledger as of October 1: Executive Office Supply Co. $1,780 Meade Co. 3,610 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 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 bsidiary ledger (in part 2) immediately after each entry. 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. no other account is needed in the "Other Accounts Dr." column select "No entry reuirad 21 V) 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,640 from William Pruitt and wrote off the remainder owed of $2,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of William Pruitt and received $2,900 cash in full payment. July 29 July 29
Create a schedule of accounts receivable using the accounts receivable subsidiary ledger‘s.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,730 from William Pruitt and wrote off the remainder owed of $5,650 as uncollectible. If an amount box does not reguire an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of William Pruitt and received $5,650 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
H
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
The following is information related to Blossom Company for its first month of operations. Jan, 7- 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,800 7,300 11,100 Balance of Accounts Receivable Jan. 17 24 Austin Co. 29 Cash Collections Austin Co. Diaz Co. Noble Co. $7,900 4,900 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. 11.100 Subsidary Ledger Diaz Co, $ Noble Co. General Led
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
Please do not give image format
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…