# Jesper Company: First Month Accounts Payable Transactions**Overview:**Below is information detailing Jesper Company’s transactions during its first month of business, specifically focusing on credit purchases and cash payments.### Transaction Data:- **Credit Purchases:** - Jan. 9: Bailey Company - $18,000 - Jan. 18: Johnson Brothers - $8,600 - Jan. 22: Preston Company - $10,200- **Cash Payments:** - Jan. 19: Bailey Company - $12,100 - Jan. 27: Johnson Brothers - $8,600 - Jan. 31: Preston Company - $7,400### Tasks:1. **Post Transactions in Accounts Payable Subsidiary Ledger.**2. **Post Accounts Payable Balance in General Ledger at Month's End.**### Instructions:1. **Posting Transactions:** - Use the provided table to record credit and debit transactions for each company in the accounts payable subsidiary ledger.2. **Calculating Balances:** - Enter transactions for each company on the respective dates. - Update the balance after each transaction.### Subsidiary Ledger Tables:#### Accounts Payable Ledger- **Bailey Company:** - **Date | Debit | Credit | Balance**- **Johnson Brothers:** - **Date | Debit | Credit | Balance**- **Preston Company:** - **Date | Debit | Credit | Balance**By completing the entries and calculating the balances, you will prepare the necessary details for the general ledger, providing a comprehensive view of Jesper Company’s financial obligations to its suppliers.

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances. ACCOUNTS PAYABLE LEDGER Ballet Company Date Debit Credit Balance Jan 9 18000 Jan 19 12100 Jan 31 4900 Johnson Brothers Date Debit Credit Balance Jan 18 8600 Jan 27 8600 Jan 31 0

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Following is information from Jesper Company for its first month of business. Credit Purchases Jan. 9 Bailey Company 18 Johnson Brothers 22 Preston Company $18,000 8,600 10,200 Cash Paid Jan.19 Bailey Company 27 Johnson Brothers 31 Preston Company $12,100 8,600 7,400 1. Post the above transactions in the accounts payable subsidiary ledger. 2. Post the accounts payable balance in the general ledger at month's end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions in the accounts payable subsidiary ledger. ACCOUNTS PAYABLE LEDGER Bailey Company Date Debit Credit Balance Johnson Brothers Date Debit Credit Balance

Following is information from Jesper Company for its first month of business. Credit Purchases Jan. 9 Bailey Company 18 Johnson Brothers 22 Preston Company $18,000 8,600 10,200 Cash Paid Jan.19 Bailey Company 27 Johnson Brothers 31 Preston Company $12,100 8,600 7,400 1. Post the above transactions in the accounts payable subsidiary ledger. 2. Post the accounts payable balance in the general ledger at month's end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions in the accounts payable subsidiary ledger. ACCOUNTS PAYABLE LEDGER Bailey Company Date Debit Credit Balance Johnson Brothers Date Debit Credit Balance

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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