CONTINUING PROBLEM This chapter will require you to record and post the purchases and cash Freedman will use four specialized journals for recording business transac- A month has elapsed since Precision Computer Centre's year-end. Tony in this chapter. To assist you in recording the transactions the schedule of accounts with the current balance listed for each account is provided in Comprehensive problem: journaliz- ing and posting to the general and subsidiary ledgers op (120 min) The partial September transactions are as follows: 2019 Sep. 5 Chuck Fire Cash Payments Journal Cash Column 58448.88 Paid amount due to Staples, $100, cheque No. 242. 5 Bought merchandise on account from Multi Systems, purchase order No. 4010, $450; terms are 3/10,n/30. 6 Bought office supplies on account from Staples, purchase order No. 4011, $250; terms are n/30. 10 Purchased merchandise on account from Computer Connection, purchase order No. 4012, $500; terms are 1/30, n/60 13 Paid Multi Systems re September 5 purchase, less discount, cheque No. 243. 13 Received West Bell phone bill for September, $70.00; terms n/30. 13 Received and paid City Electric bill for September, $80, cheque No. 244. 16 Remitted outstanding amount payable to Automated Payroll Service for September wages, $1,810.18, cheque No. 245. 17 Issued debit memorandum No. 10 to Computer Connection for merchandise returned from purchase order No. 4012, $100. 17 Paid net amount due to Computer Connection, less discount, cheque No. 246. 23 Paid Alpha Office Co, the amount due from the end of August, cheque No. 247. 25 Paid for office supplies, $50, cheque No. 248. 27 Wrote cheque No. 249 to Able Holdings Inc. for September, October, and November rent, $1,200.00 30 Wrote cheque No. 250 to Automated Payroll Service for September wages, $3,740.20. 30 Paid amount due to West Bell Canada as of August 31 plus the September phone bill received September 13, cheque No. 251. Total $216.00. (Continued) VITRO e $ 420.00 375.00 Schedule of Accounts Payable Precision Computer Centre August 31, 2019 Alpha Office Co. City Newspaper Staples West Bell Canada Total Amount Payable 100.00 146.00 $ 1,041.00 Assignment 1. Journalize the transactions in the appropriate journals (cash payments, purchases, or general journal). 2. Record in the accounts payable subsidiary ledger and post to the general ledger as appropriate. A partial general ledger is included in the Excel templates in MyAccountingLab. 3. Prepare a schedule of accounts payable as of September 30, 2019. PRECISION COMPUTER CENTRE CHART OF ACCOUNTS AND CURRENT BALANCES AS OF 8/31/2019 Debit Account Name Balance Account # Credit Balance 119.500 8 7 4 0 0 0 45000 1 5 10000 380000 9900 10 5000 2000 104100 181018 7 40/600 2 0 1500 2814982 1000 Cash 1020 Accounts Receivable 1025 Prepaid Rent 1030 Supplies 1040 Merchandise Inventory 1080 Computer Shop Equipment 1081 Accumulated Depreciation, Computer Shop Equipment 1090 Office Equipment 1091 Accumulated Depreciation Office Equipment 2000 Accounts Payable 2030 Other Amounts Payable 3000 T. Freedman, Capital 3010 T. Freedman, Withdrawals 3020 Income Summary 4000 Service Revenue 4010 Sales 4020 Sales Returns and Allowances 4030 Sales Discounts 5000 Cost of Goods Sold 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060 Insurance Expense 5070 Postage Expense 5080 Depreciation Expense, Computer Shop Equipment 5090 Depreciation Expense, Office Equipment 5100 Miscellaneous Expense 5110 Wages Expense 5120 Payroll Benefits Expense 5130 Interest Expense Bad Debt Expense 48000 40000 9500 14600 2.500 1000 5 0 2 0 0 0 000 5140 Totals 3852600 38 52600
