Shield Security Company had the following transactions during the month of November: Nov. 4. Purchased office supplies
Question:
Shield Security Company had the following transactions during the month of November:
Nov. 4. Purchased office supplies from Office Universe Inc. on account, $480.
8. Purchased office equipment on account from Best Equipment, Inc., $1,900.
Nov. 12. Purchased office supplies from Office Universe Inc. on account, $130.
21. Purchased office supplies from Paper-to-Go Inc. on account, $195.
27. Paid invoice on November 4 purchase from Office Universe Inc.
a. Prepare a purchases journal with the following headings to record the November purchase transactions for Shield Security Company.
b. What is the total amount posted to the accounts payable control and office supplies accounts from the purchases journal for November?c. What is the November 30 balance of the Office Universe Inc. creditor account assuming a zero balance on November1?
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Step by Step Answer:
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren