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Problem 17-6 Recording and Posting Purchases Shutterbug Cameras, a retail merchandising business, had the following purchases on account for the month of July. Date Transactions July 1 1. Purchased $1,200 in merchandise on account from U-Tech Products, Invoice UT220. 3 2. Purchased $140 in supplies on account from State Street Office Supply, Invoice 983, n/30 61 3. Received Invoice 1338 from Photo Emporium for the purchase of $150 in merchandise on account, 2/10, n/30 9 4. Invoice 445 for $90 was sent by Allen's Repair for plumbing repairs completed at the store (Maintenance Expense). 12 5. Purchased $800 in merchandise on account from Video Optics Inc., Invoice VO167, 3/15, n/45 15 6. Received Invoice 1322 from Digital Precision Equipment for the purchase of $2,500 in store equipment on account, n/30. 18 7. Purchased $1,300 in merchandise on account from U-Tech Products, Invoice UT257 20 8. Purchased $400 in supplies on account from Pro Studio Supply, Invoice 4677 23 9. Photo Emporium sent Invoice 1359 for the purchase of $600 of merchandise on account. 26 10. Received Invoice 478 for $120 from Allen's Repair for additional plumbing work completed at the store 28 11. Purchased $200 in merchandise on account from Video Optics Inc., Invoice VO183. 1. Record July's transactions in the purchases journal. The totals will be automatically calculated. Purchases Journal General Date Creditor's Account Credited Accounts Payable Credit Purchases Debit Account Debited Debit July 1 Totals 2. Post the accounts payable subsidiary ledger accounts daily. The balances will be automatically calculated Accounts Payable Subsidiary Ledger Allen's Repair Balance Date Description Debit Credit Debit Credit Digital Precision Equipment Debit Credit Debit Date July 1 Description Balance Balance Credit 1,000 Photo Emporium Balance Credit Date Description Debit Credit Debit Pro Studio Supply Debit Credit Debit Date July 1 Description Balance Balance Credit 2,000 State Street Office Supply Balance Credit Date Description Debit Credit Debit U-Tech Products Date Debit Credit Debit Description Balance Balance Credit 1,500 July 1 Video Optics Inc. Balance Credit Date Description Debit Credit Debit 3. Post the general ledger accounts daily. The balances will be automatically calculated. General Ledger Supplies Date Debit Credit Debit Description Balance Balance Credit 300 July 1 Store Equipment Debit Credit Date July 1 Description Balance Balance Debit Credit 2,500 Accounts Payable Debit Credit Debit Date July 1 Description Balance Balance Credit 4,500 Purchases Debit Credit Date July 1 Description Balance Balance Debit Credit 15,000 Maintenance Expense Debit Credit Debit Date July 1 Description Balance Balance Credit 200 4. Prepare a schedule of accounts payable. The total will be automatically calculated. Shutterbug Cameras Schedule of Accounts Payable July 31, 20- Total Accounts Payable 5. What problems would occur if the transaction of July 23 (Photo Emporium) was posted to the accounts payable subsidiary ledger as $60. The accounts payable subsidiary account would be
