Chapter 7, Problem E7.21E

Posting from the purchases journal; balancing the ledgers
Learning Objective 3
Merchandise Inventory DR column total $2,300
The purchases journal of Southeastern Publishing Company follows:

Purchases journal
							Other Account DR
Date	Vender Account Credited	Terms	Post. Ref.	Accounts Payable CR	Merchandise Inventory DR	Office Supplies DR	Account title	Post, Ref.	Amount
2018
Sep. 2	Leap Tech	n/30		830	830
5	Jell Supply	n/30		155		155
13	Leap Tech	/10, n/30		1,470
26	Fallon Equipment	n/30		880			Equipment		880
Sep. 30	total

Requirements

1. Total each column of the purchases journal.

2. Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120),
Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases
journal. Use dates and posting references in the accounts.

3. Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, Jell
Supply, and Leap Tech. Post from the purchases journal. Use dates and posting references in
the ledger accounts.

4. Balance the Accounts Payable control account in the general ledger with the total of the ending
balances in the accounts payable subsidiary ledger.