ACCT INFO SYSTEMS (ACCESS CODE)
ACCT INFO SYSTEMS (ACCESS CODE)
11th Edition
ISBN: 9781337599320
Author: GELINAS
Publisher: CENGAGE L
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Chapter 13, Problem 5P

Our narrative and DFDs are created assuming that accounts payable result from the purchase of inventory using a perpetual inventory system. However, inventory is not the only item that a company might purchase. For each of the following situations, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result when the accounts payable was created. Make and state any assumptions you think are necessary.

Situations:

  1. 1. Merchandise is purchased, and a periodic inventory process is used.
  2. 2. Merchandise is purchased, and a perpetual inventory process is used.
  3. 3. Office supplies are purchased.
  4. 4. Plant assets are purchased.
  5. 5. Legal services are purchased.
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