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Page: 121 DOC. POST. LE NO. DEBIT CREDIT REF.

Page: 121 DOC. POST. LE NO. DEBIT CREDIT REF.

FINANCIAL ACCOUNTING
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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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.
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
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
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