West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows: Oct. 16. Issued Check No. 1 in payment of rent for the remainder of October, $7,000. 16. Purchased field equipment on account from Petro Services Inc., $32,600. 17. Purchased field supplies on account from Midland Supply Co., $9,780. 18. Issued Check No. 2 in payment of field supplies, $4,570, and office supplies, $650. 20. Purchased office supplies on account from A-One Office Supply Co., $1,320. Post the journals to the accounts payable subsidiary ledger. 24. Issued Check No. 3 to Petro Services Inc., in payment of October 16 invoice. 26. Issued Check No. 4 to Midland Supply Co. in payment of October 17 invoice. 28. Issued Check No. 5 to purchase land, $240,000. 28. Purchased office supplies on account from A-One Office Supply Co., $3,670. Post the journals to the accounts payable subsidiary ledger. 30. Purchased the following from Petro Services Inc. on account: field supplies, $25,300 and office equipment, $5,500. 30. Issued Check No. 6 to A-One Office Supply Co. in payment of October 20 invoice. 30. Purchased field supplies on account from Midland Supply Co., $12,450. 31. Issued Check No. 7 in payment of salaries, $32,000. 31. Rented building for one year in exchange for field equipment having a cost of $15,000
West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows: Oct. 16. Issued Check No. 1 in payment of rent for the remainder of October, $7,000. 16. Purchased field equipment on account from Petro Services Inc., $32,600. 17. Purchased field supplies on account from Midland Supply Co., $9,780. 18. Issued Check No. 2 in payment of field supplies, $4,570, and office supplies, $650. 20. Purchased office supplies on account from A-One Office Supply Co., $1,320. Post the journals to the accounts payable subsidiary ledger. 24. Issued Check No. 3 to Petro Services Inc., in payment of October 16 invoice. 26. Issued Check No. 4 to Midland Supply Co. in payment of October 17 invoice. 28. Issued Check No. 5 to purchase land, $240,000. 28. Purchased office supplies on account from A-One Office Supply Co., $3,670. Post the journals to the accounts payable subsidiary ledger. 30. Purchased the following from Petro Services Inc. on account: field supplies, $25,300 and office equipment, $5,500. 30. Issued Check No. 6 to A-One Office Supply Co. in payment of October 20 invoice. 30. Purchased field supplies on account from Midland Supply Co., $12,450. 31. Issued Check No. 7 in payment of salaries, $32,000. 31. Rented building for one year in exchange for field equipment having a cost of $15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows:
Oct. 16. | Issued Check No. 1 in payment of rent for the remainder of October, $7,000. | |
16. | Purchased field equipment on account from Petro Services Inc., $32,600. | |
17. | Purchased field supplies on account from Midland Supply Co., $9,780. | |
18. | Issued Check No. 2 in payment of field supplies, $4,570, and office supplies, $650. | |
20. | Purchased office supplies on account from A-One Office Supply Co., $1,320. | |
Post the journals to the accounts payable subsidiary ledger. | ||
24. | Issued Check No. 3 to Petro Services Inc., in payment of October 16 invoice. | |
26. | Issued Check No. 4 to Midland Supply Co. in payment of October 17 invoice. | |
28. | Issued Check No. 5 to purchase land, $240,000. | |
28. | Purchased office supplies on account from A-One Office Supply Co., $3,670. | |
Post the journals to the accounts payable subsidiary ledger. | ||
30. | Purchased the following from Petro Services Inc. on account: field supplies, $25,300 and office equipment, $5,500. | |
30. | Issued Check No. 6 to A-One Office Supply Co. in payment of October 20 invoice. | |
30. | Purchased field supplies on account from Midland Supply Co., $12,450. | |
31. | Issued Check No. 7 in payment of salaries, $32,000. | |
31. | Rented building for one year in exchange for field equipment having a cost of $15,000. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education