College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 9, Problem 2PB

Lowery’s Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowery’s Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows:

Oct. 3    Bought 12 Automatic Fish Feeders from Barrera Company, $959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, $79.45 (total $1,039.33).

4    Bought two 18 x 18 Terrarium Stands from Hickman Company, $259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination.

7    Bought four Chinchilla Bath Houses from Baldwin, Inc., $67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination.

10    Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, $13.94.

Oct. 14    Bought 20 Zoo Slider Hoods from Douglas, Inc., $2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $140.50 (total $2,740.30).

15    Bought four Hanging Bird Baths from Krause, Inc., $71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination.

24    Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, $2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination.

27    Received credit memo no. 452 from Villa Manufacturing for merchandise returned, $346.78.

Required

  1. 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., $46.57; Barrera Company, $743.15; Douglas, Inc., $615.20; Hickman Company; Krause, Inc., $23.45; Villa Manufacturing, $725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow.
  2. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, $2,154.01; Purchases 511, $2,485.12; Purchases Returns and Allowances 512, $287.52; Freight In 514, $48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow.
  3. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95.
  4. 4. Post to the general ledger and the accounts payable ledger.
  5. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach

Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...

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