Page: 121 DOC. POST. LE NO. DEBIT CREDIT REF.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Brown Inc. records purchases in a purchases journal and purchase returns in the general journal.
Oct. 1 Purchased inventory on account from Price Inc. for $2,400.
Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,400.
Oct. 8 Returned half of the inventory to Price Inc.
Oct. 9 Purchased inventory on account from Price Inc. for $4,200.
Record the above transactions using a parchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of
accounting for inventory. If an amount box does not require an entry, leave it blank.
Page: 121
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT CREDIT
NO.
REF.
1 Oct. 8
2.
PURCHASES JOURNAL
Page: 113
Purchase
Merchandise
Accounts
Date
Account
Order No.
Ref.
Inventory DR
Payable CR
2019
Oct. 1
Oct. 3
Oct. 9
Total
Accounts Payable Subsidiary Ledger
#AP-1
Account:
Price Inc.
2.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa6df3707-9378-499a-8748-aee2f088693d%2F06dff1e9-6f0a-44a7-bce3-6ee44f126f3e%2Ffcywfh9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brown Inc. records purchases in a purchases journal and purchase returns in the general journal.
Oct. 1 Purchased inventory on account from Price Inc. for $2,400.
Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,400.
Oct. 8 Returned half of the inventory to Price Inc.
Oct. 9 Purchased inventory on account from Price Inc. for $4,200.
Record the above transactions using a parchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of
accounting for inventory. If an amount box does not require an entry, leave it blank.
Page: 121
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT CREDIT
NO.
REF.
1 Oct. 8
2.
PURCHASES JOURNAL
Page: 113
Purchase
Merchandise
Accounts
Date
Account
Order No.
Ref.
Inventory DR
Payable CR
2019
Oct. 1
Oct. 3
Oct. 9
Total
Accounts Payable Subsidiary Ledger
#AP-1
Account:
Price Inc.
2.
![Date
Account
Order No.
Ref.
Inventory DR
Payable CR
2019
Oct. 1
Oct. 3
Oct. 9
Total
Accounts Payable Subsidiary Ledger
Account:
Price Inc.
#AP-1
TRANSACTION
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
CREDIT
Beginning Balance
0.00
Oct. 1
Purchases Journal
Oct. 8
General Journal
Oct. 9
Purchases Journal
Account:
Cabrera Inc.
#AP-2
TRANSACTION
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
CREDIT
Beginning Balance
0.00
Oct. 3
Purchases Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa6df3707-9378-499a-8748-aee2f088693d%2F06dff1e9-6f0a-44a7-bce3-6ee44f126f3e%2Fapmyuqr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
Account
Order No.
Ref.
Inventory DR
Payable CR
2019
Oct. 1
Oct. 3
Oct. 9
Total
Accounts Payable Subsidiary Ledger
Account:
Price Inc.
#AP-1
TRANSACTION
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
CREDIT
Beginning Balance
0.00
Oct. 1
Purchases Journal
Oct. 8
General Journal
Oct. 9
Purchases Journal
Account:
Cabrera Inc.
#AP-2
TRANSACTION
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
CREDIT
Beginning Balance
0.00
Oct. 3
Purchases Journal
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education