Farber's Fabric Co. of Yellowknife uses a purchases journal and a general journal (page 32) to record
Question:
Farber's Fabric Co. of Yellowknife uses a purchases journal and a general journal (page 32) to record the following transactions (continued from July). The GST rate is 5%:
The fabric store has decided to keep a separate column for the purchases of supplies in the purchases journal and also has a separate column for GST. The account balances as of August 1, 2012, are as follows:
Required
a. Journalize the transactions.
b. Post and record as appropriate.
c. Prepare a schedule of accounts payable as of August 31, 2012.
Transcribed Image Text:
Purchased fabric for resale from European Import Fabrics Co., invoice No. 653, dated August 2, terms net 15 days, $1,362 plus GST Purchased merchandise on account from Eddyn Co., invoice No. 250, dated August 7, terms 2/10, n/60, $920, plus GST. Purchased merchandise on account from Forward Co invoice No. 1124, dated August 7, terms 1/10, n/60, $1,626, plus GST. August 3 7 10 13 Purchased store supplies on account from Lavoy Co., 14 Issued debit memo No. 8 to Eddyn Co. for merchandise 17 Purchased office equipment on account from Reliant Co. 24 Purchased additional store supplies on account from Lavoy invoice No. 712, dated August 13, $2,680, plus GST. returned, $160, plus GST, from invoice No. 250 invoice No. 873, dated August 14, $2,610, plus GST. Co., invoice No. 816, dated August 24, terms 2/10, n/30, $725, plus GST. Purchased fabric for resale from European Import Fabrics Co., invoice No. 713, dated August 27, terms net 15 days $2,740, plus GST. 28 Accounts Payable Ledger Name Eddyn Co. European Import Forward Co. Lavoy Co. Reliant Co. Balance 840 3,255 1,575 525 2,730 Partial General Ledger Number 130 142 180 220 500 510 Balance Account Store Supplies Prepaid GST Office Equipment Accounts Payable Purchases Purchases Returns and Allowances 2,795 8,925 86,340 1,374
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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