Marions Natural Food Store uses a purchases journal and a general journal to record the following transactions.
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Marion’s Natural Food Store uses a purchases journal and a general journal to record the following transactions. The balances as of March 1 for the accounts payable subsidiary ledger are Alden Co., $300; Bullman Co., $800; Mott Co., $1,000; and Reynold Co., $500. Other balances on March 1 are Accounts Payable $2,600 and Purchases $18,000.
The food store decided to keep a separate column for the purchases of supplies in the purchases journal. Your tasks are to do the following:
1. Journalize the transactions.
2. Post and record as appropriate.
3. Prepare a schedule of accounts payable.
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Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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