Use the Week 3 Assignment Template Preview the documentView in a new windowto complete this week's work. The Accounts Payable Subsidiary Ledger Recognizing the importance of properly tracking receivables, you also recognize the need to create an Accounts Payable subsidiary ledger. The following are vendors that you have established accounts with: Elite Computing, 4568 W. Tech Way, Mytown, YS 10011. Terms: n/90 Simon's Supply, 1984 S. Industrial Pl, Motown, YS 10011. Terms: n/30 Notice the existing balances in the templates. Record the following transactions for January: January 8: Purchased merchandise for resale from Elite Computing for $5,000. Receive invoice 7896, dated January 6, with terms of n/90. January 11: Purchased merchandise for resale from Simon's Supply for $1,000 plus freight of $50. Receive invoice 9284, dated January 10, with terms of n/30. January 17: Purchase merchandise for resale from Elite Computing for $3,000 plus freight of $150. Receive invoice 8001, dated January 15th, with terms of n/90. January 20: Purchase supplies for the shipping department from Simon's Supply for $500. Receive invoice 9288 dated 1/20/15 with terms of n/30. January 26: Return $400 of merchandise purchased on invoice 9284 due to damage during shipment. Receive credit memo 9866 from Simon's Supply. Proper journalizing and posting: Make sure to record each transaction the appropriate journal and make any necessary posts to the subsidiary ledger daily. At the end of the month, properly total the sales and purchases journal columns and post to the general ledger. (Remember: any entries to the general journal are post immediately). Create a Schedule of Accounts Payable Create a schedule of accounts payable. Confirm that the total in each schedule matches the balance in your general ledger accounts. Submit your completed Excel workbook to the Assignment 2 Drop Box by Saturday at midnight.

PURCHASES JOURNAL Date Supplier's Name Invoice Number Invoice Date Page Terms Accounts Payable Credit Post Ref 2015 GENERAL JOURNAL Page Date 2015 Description Post Ref Debit 5 Credit Purchases Debit 1 Freight In Debit GENERAL LEDGER Account: SUPPLIES Date 2012 JAN Account: Description Account: Debit Account No. 131 Balance Credit Debit Credit Account Terms Elite Computing Address 4568 W Tech Way, Mytown, YS 10011 Date Description Post Ref Debit Credit 1 Balance 1,200 X ACCOUNTS PAYABLE Description 1 Balance Post Ref Debit Description Post Ref Jan Debit 1 Balance XX 5500 Account Simon's Supply Address 1984 S. Industrial Place, Mytown, YS 10011 Date Description Post Ref 2012 Jan 1 Balance XX Terms Debit Credit Account No. 501 Balance Credit Debit Credit 2012 Jones Consulting Schedule of Accounts Payable January 31, 20xx Date FREIGHT IN Description Post Ref Debit Account No. 502 Balance Credit Debit Credit 2012 Account: Date 2012 Balance Does the total match the current balance in the general ledger? PURCHASE RETURNS AND ALLOWANCES Description Post Ref Debit 5500 Account No. 201 Balance Credit Debit Credit 6,800 X PURCHASES Date Account: n/90 2012 Date 2012 JAN Post Ref ACCOUNTS PAYABLE LEDGER Account No. 503 Balance Credit Debit Credit 1,300 n/30 Balance 1,300