Take me to the text YardWorks sells landscaping materials. During the month of July 2019, the following transactions occurred. Assume zero balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal. Jul 5 Purchased office supplies for $640 on account from Office Supply Shop. Jul 10 Purchased inventory for $1,140 cash from Rock-N-Roll with Cheque #408. Jul 12 Paid telephone bill for $340 cash with Cheque #409. Jul 17 Paid the amount owing to Office Supply Shop with Cheque #410. Jul 27 Purchased inventory for $3,570 from Pathway Stones on account. Requireda) Record the above transactions in the purchases journal and the cash payments journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts payable control account.Do not enter dollar signs or commas in the input boxes. Purchases Journal Page 6 Date Account Invoice Merchandise Inventory (DR) Office Supplies (DR) Other (DR) Accounts Payable (CR) Jul 5 Office Supply Shop $Answer $Answer $Answer $Answer Jul 27 Pathway Stones $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer Cash Payments Journal Page 4 Date Account Cheque # Accounts Payable (DR) Other (DR) Merchandise Inventory (DR) Cash (CR) Jul 10 Rock-N-Roll Answer $Answer $Answer $Answer $Answer Jul 12 Telephone Expense Answer $Answer $Answer $Answer $Answer Jul 17 Office Supply Shop Answer $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer Account: Accounts Payable GL No. 200 Date Description DR CR Balance Jul 31 Adjustment from purchases $Answer $Answer $Answer AnswerDRCR Jul 31 Adjustment from cash payments $Answer $Answer $Answer AnswerDRCR Account: Office Supply Shop Date DR CR Balance Jul 5 $Answer $Answer $Answer AnswerDRCR Jul 17 $Answer $Answer $Answer AnswerDRCR Account: Pathway Stones Date DR CR Balance Jul 27 $Answer $Answer $Answer AnswerDRCR
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Take me to the text
YardWorks sells landscaping materials. During the month of July 2019, the following transactions occurred. Assume zero balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal.
| Jul 5 | Purchased office supplies for $640 on account from Office Supply Shop. |
| Jul 10 | Purchased inventory for $1,140 cash from Rock-N-Roll with Cheque #408. |
| Jul 12 | Paid telephone bill for $340 cash with Cheque #409. |
| Jul 17 | Paid the amount owing to Office Supply Shop with Cheque #410. |
| Jul 27 | Purchased inventory for $3,570 from Pathway Stones on account. |
Required
a) Record the above transactions in the purchases journal and the cash payments journal.
b)
c) At the end of the month, total the journals and update the accounts payable control account.
Do not enter dollar signs or commas in the input boxes.
| Purchases Journal | Page 6 | |||||
| Date | Account | Invoice | Merchandise Inventory (DR) | Office Supplies (DR) | Other (DR) | Accounts Payable (CR) |
| Jul 5 | Office Supply Shop | $Answer | $Answer | $Answer | $Answer | |
| Jul 27 | Pathway Stones | $Answer | $Answer | $Answer | $Answer | |
| Jul 31 | Total | $Answer | $Answer | $Answer | $Answer |
| Cash Payments Journal | Page 4 | |||||
| Date | Account | Cheque # | Accounts Payable (DR) | Other (DR) | Merchandise Inventory (DR) | Cash (CR) |
| Jul 10 | Rock-N-Roll | Answer | $Answer | $Answer | $Answer | $Answer |
| Jul 12 | Telephone Expense | Answer | $Answer | $Answer | $Answer | $Answer |
| Jul 17 | Office Supply Shop | Answer | $Answer | $Answer | $Answer | $Answer |
| Jul 31 | Total | $Answer | $Answer | $Answer | $Answer |
| Account: Accounts Payable | GL No. 200 | ||||
| Date | Description | DR | CR | Balance | |
| Jul 31 | Adjustment from purchases | $Answer | $Answer | $Answer | AnswerDRCR |
| Jul 31 | Adjustment from cash payments | $Answer | $Answer | $Answer | AnswerDRCR |
| Account: Office Supply Shop | ||||
| Date | DR | CR | Balance | |
| Jul 5 | $Answer | $Answer | $Answer | AnswerDRCR |
| Jul 17 | $Answer | $Answer | $Answer | AnswerDRCR |
| Account: Pathway Stones | ||||
| Date | DR | CR | Balance | |
| Jul 27 | $Answer | $Answer | $Answer | AnswerDRCR |
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