Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Put-A-Wrench-In-It sells hand tools. During the month of April 2019, the following transactions occurred. Assume zero opening balances for the subledger and general journal accounts.
Put-A-Wrench-In-It sells hand tools. During the month of April 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. Apr 2 Purchased inventory for $7,000 on account from House Depot Apr 7 Paid salaries for $2,320 with cheque #658. Apr 9 Purchased inventory for $4,610 cash from Chester Inc with cheque #659 Apr 14 Paid the full amount owing to HouseDepot from the Apr 2 transaction with cheque #660. Apr 21 Purchased inventory for $7,050 on account from Dust Bolt 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. C) 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 Page 6 Purchases Journal Date Account Invoice Merchandise Inventory (DR) Office Supplies (DR) Apr 2 HouseDepot Other (DR) Account Payable (CR) Apr 21 Dust Bolt Inc Apr 30 Total Page 4 Date Account Cheque Cash Payments Journal Accounts Payable Other (OR) (DR) $ $ Merchandise Inventory (DR) Cash (CR) $ Apr? Salaries Expense $ Apr 9 Chester Inc. Apr 14 HouseDepot Apr 30 Total FIA Account: Accounts Payable Date Description GL No. 200 Balance DR CR Apr 30 Adjustment from purchases Apr 30 Adjustment from cash payments $ $ Account: HouseDepot Date DR CR Balance Apr 25 $ Apr 145 Account: Dust Bolt Inc Date DR CR Balance Apr 21s $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started