As the accountant of Saras Cupcakes of Cold Lake, (a) journalize the following transactions in the purchases
Question:
As the accountant of Sara’s Cupcakes of Cold Lake, (a) journalize the following transactions in the purchases journal (page 10) or the general journal (page 2), (b) record and post as appropriate, and (c) prepare a schedule of accounts payable. (Beginning balances are given in problem P7-2A.)
2019
May 7 Purchased merchandise on account from Kenn Co., invoice No. 589, dated May 7, terms 2/10, n/60, $750.
10 Purchased merchandise on account from Stanton Co., invoice No. 1475, dated May 10, terms 2/10, n/60, $1,050.
14 Purchased store supplies on account from Stacy Co., invoice No. 713, dated May 13, $1,145.
15 Issued debit memo No. 5 to Stanton Co. for merchandise returned, $250, from invoice No. 1475.
19 Purchased office equipment on account from King Co., invoice No. 1160, dated May 18, $2,569.
23 Purchased additional store supplies on account from Stacy Co., invoice No. 786, dated May 23, terms 2/10, n/30, $875.
Step by Step Answer:
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good