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The Purchases & Cash Payments journals of Lynn's Hardware for the month of June are presented below. The Accounts Payable Subsidiary ledger is reconciled with
The Purchases & Cash Payments journals of Lynn's Hardware for the month of June are presented below. The Accounts Payable Subsidiary ledger is reconciled with the General Ledger Control account at the end of each month. On 1st June, the Subsidiary ledger had the following five accounts all with opening Credit (Cr.) balances: Megumi $13,500, Julie $22,500, Kara $31,500, Ralph $45,000, Sam $40,500, and the total of these accounts of $153,000 is the opening Credit balance of the General Ledger Accounts Payable Control Account. (Ignore GST) Purchases Journal Date Account Accounts Payable Purchases June 4 Megumi 27,000 27,000 June 8 Julie 36,000 36,000 June 9 Kara 31,500 31,500 June 12 Ralph 40,500 40,500 June 24 Sam 36,000 36,000 Totals 171,000 171,000 Cash Payments Journal Cash Payments Journal Date Account Cash at Bank Accounts Payable June 6 Megumi 18,000 18,000 June 15 Julie 27,000 27,000 June 26 Kara 36,000 36,000 June 29 Ralph 45,000 45,000 Totals 126,000 126,000 Additional information: On 10th June, Lynn's Hardware returned damaged goods to Kara worth $5,000 from the purchase made on 9th June. Required: 1. Complete the running balance accounts below for each supplier's account in the Accounts Payable Subsidiary Ledger and the T account below for the Accounts Payable Control Account in the General Ledger, at 30 June. Complete the Schedule of Accounts below for the Accounts payable Subsidiary Ledger at 30 June and compare the total of the Schedule to the balance of the Accounts Payable Control Account at 30 June, and check that they agree
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