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 ofaccounting for inventory. If an amount box does not require an entry, leave it blank.Page: 121DOC. POST.DATEACCOUNT TITLEDEBIT CREDITNO.REF.1 Oct. 82.PURCHASES JOURNALPage: 113PurchaseMerchandiseAccountsDateAccountOrder No.Ref.Inventory DRPayable CR2019Oct. 1Oct. 3Oct. 9TotalAccounts Payable Subsidiary Ledger#AP-1Account:Price Inc.2. DateAccountOrder No.Ref.Inventory DRPayable CR2019Oct. 1Oct. 3Oct. 9TotalAccounts Payable Subsidiary LedgerAccount:Price Inc.#AP-1TRANSACTIONBALANCEDATEITEMPOST. REF.DEBITCREDITCREDITBeginning Balance0.00Oct. 1Purchases JournalOct. 8General JournalOct. 9Purchases JournalAccount:Cabrera Inc.#AP-2TRANSACTIONBALANCEDATEITEMPOST. REF.DEBITCREDITCREDITBeginning Balance0.00Oct. 3Purchases Journal

We will prepare General Journal for purchase return trnasaction, Purchase Journal for credit…

Answered: Page: 121 DOC. POST. LE NO. DEBIT…

Business

Accounting

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

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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.

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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