Posting a Purchases Journal The purchases journal for Newmark Exterior Cleaners Inc follows The accounts payable account has a March 1, 20Y2, balance of $640 for an amount owed to Nicely Co No payments were made on creditor invoices during March PURCHASES JOURNAL Page 16 Date Account Credited Post Ref Accts Payable Cr Cleaning Supplies Dr Other Accounts Dr Post Ref Amount 20Y2 Mar 4 Enviro Wash Supplies Inc 1,000 1,000 Mar 15 Nicely Co 435 435 Mar 20 Office Mate Inc 4,735 Office Equipment 4,735 Mar 26 Enviro Wash Supplies Inc 575 575 Mar 31 6,745 2,010 4,735 Question Content Area a b Post the transactions from the purchases journal to the creditor accounts and determine their ending balances Enviro Wash Supplies Inc Mar 1Mar 4Mar 15Mar 20Mar 31 fill in the blank ba810efcd039fb2 2 Mar 1Mar 15Mar 20Mar 26Mar 31 fill in the blank ba810efcd039fb2 4 31 Bal fill in the blank ba810efcd039fb2 5 Nicely Co Mar 1 Bal Mar 4 Bal Mar 20 Bal Mar 26 Bal Mar 31 Bal fill in the blank ba810efcd039fb2 7 Mar 4Mar 15Mar 20Mar 26Mar 31 fill in the blank ba810efcd039fb2 9 31 Bal fill in the blank ba810efcd039fb2 10 Office Mate Inc Mar 1Mar 4Mar 15Mar 20Mar 26Mar 31 fill in the blank ba810efcd039fb2 12 31 Bal fill in the blank ba810efcd039fb2 13 c Prepare T accounts for the accounts payable control and cleaning supplies accounts Post control totals to the two accounts, and determine their ending balances Cleaning Supplies had a zero balance at the beginning of the month Accounts Payable Mar 1 Bal Mar 4 Bal Mar 15 Bal Mar 20 Bal Mar 26 Bal fill in the blank ba810efcd039fb2 15 Mar 4Mar 15Mar 20Mar 26Mar 31 fill in the blank ba810efcd039fb2 17 31 Bal fill in the blank ba810efcd039fb2 18 Cleaning Supplies Mar 1Mar 4Mar 15Mar 20Mar 26Mar 31 fill in the blank ba810efcd039fb2 20 31 Bal fill in the blank ba810efcd039fb2 21 Feedback Area Feedback a b Post the individual transactions into the appropriate T accounts c Set up T accounts for Accounts Payable (liability, increases with a credit) and Cleaning Supplies (asset, increases with a debit) Remember there is a beginning balance in Accounts Payable To double check the Accounts Payable balance, be sure it is equal to the sum of all the creditor balances from the purchases journal Likewise, the total of Cleaning Supplies should be equal to the total of the Cleaning Supplies debit column in the Purchases journal Question Content Area d Prepare a schedule of the creditor account balances to verify the equality of the sum of the accounts payable creditor balances and the accounts payable controlling account balance Newmark Exterior Cleaners Inc Accounts Payable Creditor Balances March 31, 20Y2 Enviro Wash Supplies Inc $fill in the blank c0b28efb4ffbf96 1 Nicely Co fill in the blank c0b28efb4ffbf96 2 Office Mate Inc fill in the blank c0b28efb4ffbf96 3 Total accounts payable $fill in the blank c0b28efb4ffbf96 4 Feedback Area Feedback d Create a listing of all the creditor balances from the T accounts Question Content Area e All of the following are ways a computerized accounting system might differ from the use of a purchases journal in recording purchase transactions EXCEPT Use of an electronic form specially designed for recording purchases transactions Input into form fields that is submitted electronically Automatic posting of transactions Control totals posted to a controlling account Feedback Area Feedback e Consider what is involved with a computerized system Feedback Area Feedback Incorrect

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Posting a Purchases Journal The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a March 1, 20Y2, balance of $640

Posting a Purchases Journal

The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a March 1, 20Y2, balance of $640 for an amount owed to Nicely Co. No payments were made on creditor invoices during March.

PURCHASES JOURNAL

Page 16

Date

Account Credited

Post. Ref.

Accts. Payable Cr.

Cleaning Supplies Dr.

Other Accounts Dr.

Post. Ref.

Amount

20Y2

Mar. 4

Enviro-Wash Supplies Inc.

1,000

Mar. 15

Nicely Co.

435

Mar. 20

Office Mate Inc.

4,735

Office Equipment

4,735

Mar. 26

Enviro-Wash Supplies Inc.

575

Mar. 31

6,745

2,010

4,735

Question Content Area

a. & b. Post the transactions from the purchases journal to the creditor accounts and determine their ending balances.

Enviro-Wash Supplies Inc.
		Mar. 1Mar. 4Mar. 15Mar. 20Mar. 31	fill in the blank ba810efcd039fb2_2
		Mar. 1Mar. 15Mar. 20Mar. 26Mar. 31	fill in the blank ba810efcd039fb2_4
		31 Bal.	fill in the blank ba810efcd039fb2_5

Nicely Co.
		Mar. 1 Bal.Mar. 4 Bal.Mar. 20 Bal.Mar. 26 Bal.Mar. 31 Bal.	fill in the blank ba810efcd039fb2_7
		Mar. 4Mar. 15Mar. 20Mar. 26Mar. 31	fill in the blank ba810efcd039fb2_9
		31 Bal.	fill in the blank ba810efcd039fb2_10

Office Mate Inc.
		Mar. 1Mar. 4Mar. 15Mar. 20Mar. 26Mar. 31	fill in the blank ba810efcd039fb2_12
		31 Bal.	fill in the blank ba810efcd039fb2_13

c. Prepare T accounts for the accounts payable control and cleaning supplies accounts. Post control totals to the two accounts, and determine their ending balances. Cleaning Supplies had a zero balance at the beginning of the month.

Accounts Payable
		Mar. 1 Bal.Mar. 4 Bal.Mar. 15 Bal.Mar. 20 Bal.Mar. 26 Bal.	fill in the blank ba810efcd039fb2_15
		Mar. 4Mar. 15Mar. 20Mar. 26Mar. 31	fill in the blank ba810efcd039fb2_17
		31 Bal.	fill in the blank ba810efcd039fb2_18

Cleaning Supplies
Mar. 1Mar. 4Mar. 15Mar. 20Mar. 26Mar. 31	fill in the blank ba810efcd039fb2_20
31 Bal.	fill in the blank ba810efcd039fb2_21

Feedback Area

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a. & b. Post the individual transactions into the appropriate T accounts.

c. Set up T accounts for Accounts Payable (liability, increases with a credit) and Cleaning Supplies (asset, increases with a debit). Remember there is a beginning balance in Accounts Payable. To double check the Accounts Payable balance, be sure it is equal to the sum of all the creditor balances from the purchases journal. Likewise, the total of Cleaning Supplies should be equal to the total of the Cleaning Supplies debit column in the Purchases journal.

Question Content Area

d. Prepare a schedule of the creditor account balances to verify the equality of the sum of the accounts payable creditor balances and the accounts payable controlling account balance.

Newmark Exterior Cleaners Inc. Accounts Payable Creditor Balances March 31, 20Y2
Enviro-Wash Supplies Inc.	$fill in the blank c0b28efb4ffbf96_1
Nicely Co.	fill in the blank c0b28efb4ffbf96_2
Office Mate Inc.	fill in the blank c0b28efb4ffbf96_3
Total accounts payable	$fill in the blank c0b28efb4ffbf96_4

Feedback Area

Feedback

d. Create a listing of all the creditor balances from the T accounts.

Question Content Area

e. All of the following are ways a computerized accounting system might differ from the use of a purchases journal in recording purchase transactions EXCEPT:

Use of an electronic form specially designed for recording purchases transactions.Input into form fields that is submitted electronically.Automatic posting of transactions.Control totals posted to a controlling account.

Feedback Area

Feedback

e. Consider what is involved with a computerized system.

Feedback Area

Feedback

Incorrect