Guardian Services Inc. had the following transactions during the month of April:Apr. 4. Purchased office supplies from Officemate Inc. on account, $415.9. Purchased office equipment on account from Tek Village Inc., $2,460.16. Purchased office supplies from Officemate Inc. on account, $185.19. Purchased office supplies from Paper-to-Go Inc. on account, $195.27. Paid invoice on April 4 purchase from Officemate Inc.a. Record the June purchase transactions for Guardian Services Inc. in the followingpurchases journal format:PURCHASES JOURNALOfficeSuppliesDr.OtherAccts.PayableCr.Post.AccountsPost.DateAccount CreditedRef.Dr.Ref.Amountb. What is the total amount posted to the accounts payable and office supplies accountsfrom the purchases journal for April?c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zerobalance on April 1?

(a)Record the purchase transactions in the GS Incorporation during the month of April.

Answered: Guardian Services Inc. had the…

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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Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 4,948 Sales 4,948 November 10 Accounts Receivable-Welcome Incorporated Sales 1,758 1,758 November 13 Accounts Receivable-Zia Company Sales 1,031 1,031 November 21 Sales Returns and Allowances 266 Accounts Receivable-Zia Company 266 November 30 Accounts Receivable-Ski Shop 3,665 Sales 3,665 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Ending Balance 0 0 Sales Ending Balance Sales Returns and Allowances Ending Balance 0 Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Zia…
Star Company uses a purchases journal to record all purchases on account, including merchandise purchases. The company purchases merchandise and office supplies on a frequent basis. On November 12, Star Company purchased merchandise on account from Moon Company for $6,500, terms 2/10, n/30. How would this transaction be recorded in the purchases journal of Star Company?
Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising cransactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $750. Received $50 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,400. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,850. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $45. Prepare a tabular summary to record the transactions for the month of…
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