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Hammer-Time sells hand tools. During the month of May 2019, the following transactions occurred. Assume zero opening balances for the subledger and general journal accounts.
Hammer-Time sells hand tools. During the month of May 2019, the following transactions occurred. Assume zero opening balances for the subledger and general journal accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal. May 3 Purchased inventory for $6,780 on account from HouseDepot. May 6 Paid salaries for $2,450 with cheque #862. May 12 Purchased inventory for $4,620 cash from Malida Inc. with cheque #863. May 15 Paid the full amount owing to HouseDepot from the May 3 transaction with cheque #864. May 25 Purchased inventory for $7,290 on account from Debolt Inc. Required a) Record the above transactions in the purchases journal and the cash payments journal. b) Post the appropriate transactions from the journals to the subledger accounts. At the end of the month, total the journals and update the accounts payable control account. Do not enter dollar signs or commas in the input boxes Purchases Journal Account Invoice Merchandise Inventory (DR) Office Supplies (DR) Date Page 6 Account Payable (CR) Other (DR) May HouseDepot $ $ $ May 25 Debolt Inc $ $ $ May 31 Total $ $ Cash Payments Journal Accounts Payable (DR) Other (DR) Page 4 Date Account Cheque # Merchandise Inventory (DR) Cash (CR) May 6 Salaries Expense $ $ May 12 Malida Inc. $ S $ $ May 15 HouseDepot $ $ $ $ May 31 Total $ $ $ Account: Accounts Payable Date Description GL No. 200 DR CR Balance May 31 Adjustment from purchases $ $ $ May 31 Adjustment from cash payments $ $ Account: HouseDepot Date DR CR Balance May 3 $ $ May 15 $ Account: Debolt Inc Date DR CR Balance May 25$ - DAN
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