1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balances as...

Question:

1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balances as of June 1, 2019.

2. Post the transactions in Problem 8.4A to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger.

3. Prepare a schedule of accounts payable at June 30, 2019.

GENERAL LEDGER ACCOUNTS

101 Cash, $37,400 Dr.

201 Accounts Payable

501 Purchases

502 Purchases Returns and Allowances

503 Purchases Discounts

504 Freight In

ACCOUNTS PAYABLE LEDGER ACCOUNTS

BioCenter Inc.

New Concepts Corporation

Park Research

Analyze:

What was the amount of merchandise returned to vendors by NewTech Medical Devices in June?

Accounts Payable
Accounts 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...