Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Journalizing Purchases Returns and Allowances and Posting to General Ledger and
Accounts Payable Ledger
Transactions for July and the beginning balances for selected general ledger and
accounts payable ledger accounts are shown.
July 7 Returned merchandise to Starcraft Industries, $750.
15 Returned merchandise to XYZ, Inc., $530.
27 Returned merchandise to Datamagic, $820.
General Ledger
Account No.
Account
Balance July 1, 20--
202
Accounts Payable
$10,640
501.1
Purchases Returns and Allowances
Accounts Payable Ledger
Name
Balance July 1, 20--
Datamagic
$2,680
Starcraft Industries
4,310
XYZ, Inc.
3,650
Required:
Using page 3 of a general journal and the general ledger accounts and accounts payable
ledger accounts, journalize and post the transactions.
GENERAL JOURNAL
PAGE 3
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Jul. 7
Jul. 15
Jul. 27
GENERAL LEDGER
ACCOUNT
Accounts Payable
ACCOUNT NO.
202
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Jul. 1
Balance
10,640.00
Transcribed Image Text:Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Jul. 1
Balance
10,640.00
ACCOUNT
Purchases Returns and Allowances
ACCOUNT No.
501.1
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
ACCOUNTS PAYABLE LEDGER
NAME
Datamagic
ADDRESS
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Jul. 1
Balance
2,680.00
NAME
Starcraft Industries
ADDRESS
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
20--
Jul. 1
Balance
4,310.00
XYZ, Inc.
NAME
ADDRESS
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Jul. 1
Balance
3,650.00
Transcribed Image Text:BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00 ACCOUNT Purchases Returns and Allowances ACCOUNT No. 501.1 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- ACCOUNTS PAYABLE LEDGER NAME Datamagic ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Jul. 1 Balance 2,680.00 NAME Starcraft Industries ADDRESS BALANCE DATE ITEM POST. REF. DEBIT CREDIT 20-- Jul. 1 Balance 4,310.00 XYZ, Inc. NAME ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Jul. 1 Balance 3,650.00
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