Purchases and Cash Payments JournalsHappy Tails Inc. has a September 1, 20Y4, accounts payable balance of $535, which consists of $340 due Labradore Inc. and $195 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows:Sept. 4.Purchased pet supplies from Best Friend Supplies Inc. on account, $230.Sept. 6.Issued Check No. 345 to Labradore Inc. in payment of account, $340.Sept. 13.Purchased pet supplies from Poodle Pals Inc. on account, $660.Sept. 18.Issued Check No. 346 to Meow Mart Inc. in payment of account, $195.Sept. 19.Purchased office equipment from Office Helper Inc. on account, $2,245.Sept. 23.Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4.Sept. 27.Purchased pet supplies from Meow Mart Inc. on account, $350.Sept. 30.Issued Check No. 348 to Jennings Inc. for cleaning expenses, $50.Happy Tails Inc. uses the following accounts:Cash11Pet Supplies14Office Equipment18Accounts Payable21Cleaning Expense54Question Content Areaa. Prepare a purchases journal and a cash payments journal to record these transactions in chronological order. If an amount box does not require an entry, leave it blank.If no entry is required in "Other Accounts Dr." then select "No entry required".PURCHASES JOURNALPAGE 16DATEAccount CreditedPost. Ref.Accounts Payable Cr.Pet Supplies Dr.Other Accounts Dr.Post. Ref.Amount20Y4 ✔fill in the blank a53d340e204af95_3fill in the blank a53d340e204af95_4 fill in the blank a53d340e204af95_6 ✔fill in the blank a53d340e204af95_9fill in the blank a53d340e204af95_10 fill in the blank a53d340e204af95_12 ✔fill in the blank a53d340e204af95_15fill in the blank a53d340e204af95_16 fill in the blank a53d340e204af95_18fill in the blank a53d340e204af95_19 ✔fill in the blank a53d340e204af95_22fill in the blank a53d340e204af95_23 fill in the blank a53d340e204af95_25 fill in the blank a53d340e204af95_27fill in the blank a53d340e204af95_28 fill in the blank a53d340e204af95_29 (fill in the blank a53d340e204af95_30)(fill in the blank a53d340e204af95_31) Question Content AreaCASH PAYMENTS JOURNALPAGE 22DATECk. No.Account DebitedPost. Ref.Other Accounts Dr.Accounts Payable Dr.Cash Cr.20Y4 fill in the blank d0b3120f8fbcfee_2 ✔fill in the blank d0b3120f8fbcfee_4fill in the blank d0b3120f8fbcfee_5fill in the blank d0b3120f8fbcfee_6 fill in the blank d0b3120f8fbcfee_8 ✔fill in the blank d0b3120f8fbcfee_10fill in the blank d0b3120f8fbcfee_11fill in the blank d0b3120f8fbcfee_12 fill in the blank d0b3120f8fbcfee_14 ✔fill in the blank d0b3120f8fbcfee_16fill in the blank d0b3120f8fbcfee_17fill in the blank d0b3120f8fbcfee_18 fill in the blank d0b3120f8fbcfee_20 fill in the blank d0b3120f8fbcfee_22fill in the blank d0b3120f8fbcfee_23fill in the blank d0b3120f8fbcfee_24fill in the blank d0b3120f8fbcfee_25 fill in the blank d0b3120f8fbcfee_27fill in the blank d0b3120f8fbcfee_28fill in the blank d0b3120f8fbcfee_29 (fill in the blank d0b3120f8fbcfee_30)(fill in the blank d0b3120f8fbcfee_31) Question Content Areab. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4.Happy Tails Inc.Accounts Payable Creditor BalancesSeptember 30, 20Y4Meow Mart Inc.$fill in the blank 3af5c6f59f88fed_1Poodle Pals Inc.fill in the blank 3af5c6f59f88fed_2Office Helper Inc.fill in the blank 3af5c6f59f88fed_3Total accounts payable$fill in the blank 3af5c6f59f88fed_4 Question Content Areac. Happy Tails Inc. uses a subsidiary ledger for accounts payable for all of the following reasons EXCEPT:

Answered: supplies from Best Friend Supplies Inc.…

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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Question Content Area

a. Prepare a purchases journal and a cash payments journal to record these transactions in chronological order. If an amount box does not require an entry, leave it blank.

If no entry is required in "Other Accounts Dr." then select "No entry required".

PURCHASES JOURNAL	PAGE 16
DATE	Account Credited	Post. Ref.	Accounts Payable Cr.	Pet Supplies Dr.	Other Accounts Dr.	Post. Ref.	Amount
20Y4
		✔	fill in the blank a53d340e204af95_3	fill in the blank a53d340e204af95_4			fill in the blank a53d340e204af95_6
		✔	fill in the blank a53d340e204af95_9	fill in the blank a53d340e204af95_10			fill in the blank a53d340e204af95_12
		✔	fill in the blank a53d340e204af95_15	fill in the blank a53d340e204af95_16		fill in the blank a53d340e204af95_18	fill in the blank a53d340e204af95_19
		✔	fill in the blank a53d340e204af95_22	fill in the blank a53d340e204af95_23			fill in the blank a53d340e204af95_25
			fill in the blank a53d340e204af95_27	fill in the blank a53d340e204af95_28			fill in the blank a53d340e204af95_29
			(fill in the blank a53d340e204af95_30)	(fill in the blank a53d340e204af95_31)

Question Content Area

CASH PAYMENTS JOURNAL	PAGE 22
DATE	Ck. No.	Account Debited	Post. Ref.	Other Accounts Dr.	Accounts Payable Dr.	Cash Cr.
20Y4
	fill in the blank d0b3120f8fbcfee_2		✔	fill in the blank d0b3120f8fbcfee_4	fill in the blank d0b3120f8fbcfee_5	fill in the blank d0b3120f8fbcfee_6
	fill in the blank d0b3120f8fbcfee_8		✔	fill in the blank d0b3120f8fbcfee_10	fill in the blank d0b3120f8fbcfee_11	fill in the blank d0b3120f8fbcfee_12
	fill in the blank d0b3120f8fbcfee_14		✔	fill in the blank d0b3120f8fbcfee_16	fill in the blank d0b3120f8fbcfee_17	fill in the blank d0b3120f8fbcfee_18
	fill in the blank d0b3120f8fbcfee_20		fill in the blank d0b3120f8fbcfee_22	fill in the blank d0b3120f8fbcfee_23	fill in the blank d0b3120f8fbcfee_24	fill in the blank d0b3120f8fbcfee_25
				fill in the blank d0b3120f8fbcfee_27	fill in the blank d0b3120f8fbcfee_28	fill in the blank d0b3120f8fbcfee_29
					(fill in the blank d0b3120f8fbcfee_30)	(fill in the blank d0b3120f8fbcfee_31)

Question Content Area

b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4.

Happy Tails Inc.Accounts Payable Creditor BalancesSeptember 30, 20Y4

Meow Mart Inc.	$fill in the blank 3af5c6f59f88fed_1
Poodle Pals Inc.	fill in the blank 3af5c6f59f88fed_2
Office Helper Inc.	fill in the blank 3af5c6f59f88fed_3
Total accounts payable	$fill in the blank 3af5c6f59f88fed_4

Question Content Area

c. Happy Tails Inc. uses a subsidiary ledger for accounts payable for all of the following reasons EXCEPT:

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Accounts payable refers to the sum value of money a company needs to pay to its supplier and it is reflected on the balance sheet of the company as a form of liability.

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Sept. 4.	Purchased pet supplies from Best Friend Supplies Inc. on account, $230.
Sept. 6.	Issued Check No. 345 to Labradore Inc. in payment of account, $340.
Sept. 13.	Purchased pet supplies from Poodle Pals Inc. on account, $660.
Sept. 18.	Issued Check No. 346 to Meow Mart Inc. in payment of account, $195.
Sept. 19.	Purchased office equipment from Office Helper Inc. on account, $2,245.
Sept. 23.	Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4.
Sept. 27.	Purchased pet supplies from Meow Mart Inc. on account, $350.
Sept. 30.	Issued Check No. 348 to Jennings Inc. for cleaning expenses, $50.

Cash	11
Pet Supplies	14
Office Equipment	18
Accounts Payable	21
Cleaning Expense	54

supplies from Best Friend Supplies Inc. on account, $230. Sept. 6. Issued Check No. 345 to Labradore Inc. in payment of account, $340. Sept. 13. Purchased pet supplies from Poodle Pals Inc. on account, $660. Sept. 18. Issued Check No. 346 to Meow

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