Question
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal.
| Oct. 1 | Purchased inventory on account from Price Inc. for $2,000. |
| Oct. 3 | Purchased inventory on account from Cabrera Inc. for $3,000. |
| Oct. 8 | Returned half of the inventory to Price Inc. |
| Oct. 9 | Purchased inventory on account from Price Inc. for $4,200. |
Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank.
| DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | Oct. 8 | Accounts Payable-Price Inc.Accounts Payable-Cabrera Inc.Accounts Receivable-Price Inc.Accounts Receivable-Cabrera Inc.Purchase ReturnsAccounts Receivable-Cabrera Inc. | Accounts Receivable-Cabrera Inc. | Accounts Receivable-Cabrera Inc. | 1 | ||
| 2 | Accounts Payable-Price Inc.Accounts Payable-Cabrera Inc.Accounts Receivable-Price Inc.Accounts Receivable-Cabrera Inc.Purchase ReturnsAccounts Payable-Price Inc. | Accounts Payable-Price Inc. | Accounts Payable-Price Inc. | 2 |
| PURCHASES JOURNAL | Page: 113 | |||||
| Date | Account | Purchase Order No. | Ref. | Merchandise Inventory DR | Accounts Payable CR | |
| 2019 | ||||||
| Oct. 1 | Cabrera Inc.Price Inc.Price Inc. | fill in the blank e4a368026f9802c_2 | fill in the blank e4a368026f9802c_3 | fill in the blank e4a368026f9802c_4 | fill in the blank e4a368026f9802c_5 | |
| Oct. 3 | Cabrera Inc.Price Inc.Cabrera Inc. | fill in the blank e4a368026f9802c_7 | fill in the blank e4a368026f9802c_8 | fill in the blank e4a368026f9802c_9 | fill in the blank e4a368026f9802c_10 | |
| Oct. 9 | Cabrera Inc.Price Inc.Price Inc. | fill in the blank e4a368026f9802c_12 | fill in the blank e4a368026f9802c_13 | fill in the blank e4a368026f9802c_14 | fill in the blank e4a368026f9802c_15 | |
| Total | fill in the blank e4a368026f9802c_16 | fill in the blank e4a368026f9802c_17 | ||||
| Accounts Payable Subsidiary Ledger | |||||
|---|---|---|---|---|---|
| Account: | Price Inc. | #AP-1 | |||
| DATE | ITEM | POST. REF. | TRANSACTION | BALANCE | |
| DEBIT | CREDIT | CREDIT | |||
| Beginning Balance | 0.00 | ||||
| Oct. 1 | Purchases Journal | PJ113GJ121PJ113 | fill in the blank 212ca5fcaff3028_2 | fill in the blank 212ca5fcaff3028_3 | fill in the blank 212ca5fcaff3028_4 |
| Oct. 8 | General Journal | PJ113GJ121 | fill in the blank 212ca5fcaff3028_6 | fill in the blank 212ca5fcaff3028_7 | fill in the blank 212ca5fcaff3028_8 |
| Oct. 9 | Purchases Journal | PJ113GJ121 | fill in the blank 212ca5fcaff3028_10 | fill in the blank 212ca5fcaff3028_11 | fill in the blank 212ca5fcaff3028_12 |
| Account: | Cabrera Inc. | #AP-2 | |||
| DATE | ITEM | POST. REF. | TRANSACTION | BALANCE | |
| DEBIT | CREDIT | CREDIT | |||
| Beginning Balance | 0.00 | ||||
| Oct. 3 | Purchases Journal | PJ113GJ121 | fill in the blank 212ca5fcaff3028_14 | fill in the blank 212ca5fcaff3028_15 | fill in the blank 212ca5fcaff3028_16 |
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The Outsourcing Dilemma Whats Best For Internal Auditing
Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell
1st Edition
0894133845, 978-0894133848
