College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 12, Problem 10SPA
PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Kevin’s Kettle, a small retail business, is as follows:
Required
- 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter.
- 2. Post the individual purchase amounts to the accounts payable ledger.
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Students have asked these similar questions
If a company uses a multi-column purchases journal, which of the following possibleheadings for debit columns of the journal wouldnot be appropriate?
a. merchandise inventory
b. office supplies
c. accounts payable
d. store supplies
Multiple choice
Proving the postings of a one-column purchases journal would involve comparing the
general ledger posting to Accounts Payable to the debit postings of the accounts receivable subsidiary ledger.
general ledger debit posting to Accounts Payable to the general ledger credit posting to Inventory.
general ledger credit posting to Accounts Payable to the general ledger debit posting to Inventory.
debit postings to the accounts payable subsidiary ledger to the credit postings to the accounts payable subsidiary ledger.
Chapter 12 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
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- Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forwardBrown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.arrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forward
- What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivablearrow_forwardThe journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.arrow_forwardUsing the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use…arrow_forward
- Accounting:purchases journal?arrow_forwardThe individual amounts in the "Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledgerarrow_forwardIn the expanded purchases journal, debits are made in which columns? choices: Accounts Payable, Merchandise Inventory, and Office Supplies Merchandise Inventory, Office Supplies, and Store Supplies Accounts Payable, Cash, and Merchandise Inventory Cash, Office Supplies, and Store Suppliesarrow_forward
- Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: • Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: | Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances . On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945. . On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460 • On Jul. 22, received payment from Smith Mfg. who bought 30 items for $5,000 on July 8 with terms 2/10 n/30…arrow_forwardAccounting Information System Prepare a step-by-step payment flowchart for a bookstore business, who's ordering inventory from their supplier. Provide an analysis/explanation of the flow of the flowchart.arrow_forwardAssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the credit terms of 2/10 n/30. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system? a. Debit Purchase Credit Accounts payable b. Debit Cash Credit Accounts payable c. Debit Accounts receivable Credit Sales d. Debit Accounts payable Credit Purchasearrow_forward
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