Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, whille field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $6,070. 5. Purchased office equipment on account from Peach Computers Co., $8,730. 9. Purchased office supplies on account from Executive Office Supply Co., $630. 13. Purchased field supplies on account from Yamura Co., $6,900. 14. Purchased field supplies on account from Omni Co., $910. 17. Purchased field supplies on account from Yamura Co., $16,430. 24. Purchased field supplies on account from Omni Co., $4,630. 29. Purchased office supplies on account from Executive Office Supply Co., $410. 31. Purchased field supplies on account from Omni Co., $6,060. Note: Posting references have been provided. Required: 1. Insert the following balances in the general ledger as of October 1: 14 Field Supplies $12,360 15 office Supplies 2,840 18 Office Equipment 41,670 21 Accounts Payable 10,600 After completing the recording of transactions in part 3, post the purchases journal to the accounts in the general ledger. If an amount box does not require an entry, leave it blank.
Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, whille field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $6,070. 5. Purchased office equipment on account from Peach Computers Co., $8,730. 9. Purchased office supplies on account from Executive Office Supply Co., $630. 13. Purchased field supplies on account from Yamura Co., $6,900. 14. Purchased field supplies on account from Omni Co., $910. 17. Purchased field supplies on account from Yamura Co., $16,430. 24. Purchased field supplies on account from Omni Co., $4,630. 29. Purchased office supplies on account from Executive Office Supply Co., $410. 31. Purchased field supplies on account from Omni Co., $6,060. Note: Posting references have been provided. Required: 1. Insert the following balances in the general ledger as of October 1: 14 Field Supplies $12,360 15 office Supplies 2,840 18 Office Equipment 41,670 21 Accounts Payable 10,600 After completing the recording of transactions in part 3, post the purchases journal to the accounts in the general ledger. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:**Title: Recording Transactions for a Landscaping Company**
**Overview:**
Sterling Forest Landscaping designs and installs landscapes, using office and field supplies. Purchases on account during October are detailed for tracking and financial management.
**Transactions:**
- **Oct. 2:** Purchased office supplies from Meade Co., $6,070.
- **Oct. 5:** Purchased office equipment from Peach Computers Co., $8,730.
- **Oct. 7:** Purchased office supplies from Executive Office Supply Co., $630.
- **Oct. 8:** Purchased field supplies from Yamura Co., $6,900.
- **Oct. 14:** Purchased field supplies from Omni Co., $910.
- **Oct. 21:** Purchased field supplies from Yamura Co., $16,430.
- **Oct. 24:** Purchased field supplies from Omni Co., $4,630.
- **Oct. 29:** Purchased office supplies from Executive Office Supply Co., $410.
- **Oct. 31:** Purchased field supplies from Omni Co., $6,060.
**Note:** Posting references are provided for easy documentation.
**Required Task:**
1. **Initial Balances as of October 1:**
- Field Supplies: $12,360
- Office Supplies: $2,840
- Office Equipment: $41,670
- Accounts Payable: $10,600
**General Ledger Entries:**
- **Field Supplies (Account #14)**
- Oct. 1 Balance: Dr. $12,360
- **Office Supplies (Account #15)**
- Oct. 1 Balance: Dr. $2,840
- **Office Equipment (Account #18)**
- Oct. 1 Balance: Dr. $41,670
- **Accounts Payable (Account #21)**
- Oct. 1 Balance: Cr. $10,600
Ensure all transactions are recorded properly in the ledger to maintain accurate financial records for decision-making and financial health analysis.
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