The following is an updated schedule of accounts payable as of January 31, 201X.

Schedule of Accounts Payable

The Staple Store..................................................50

Quality Office Furniture....................................1,800

Pacific Bell......................................................170

A-Tech, Inc.....................................................550

Total Accounts Payable...................................$2,570

Assignment

1. Journalize the transactions. Use the periodic method.

2. Record in the accounts payable subsidiary ledger and post to the general ledger as appropriate. A partial general ledger is included in the working papers that accompany this text.

3. The following accounts have been added to the chart of accounts: Purchases 6000, Purchase Returns and Allowances 6010, and Purchase Discounts 6020.

4. Prepare a schedule of accounts payable as of February 28, 201X.

The transactions for the month of February are as follows:

201X

Feb. 1

Prepaid the rent for the months of February, March, and April, $1,500, check #2585.

4 Bought merchandise on account from A-Tech, Inc., purchase order no. 4010, $480; terms 3/10, n/30.

8 Bought office supplies on account from The Staple Store, purchase order no. 4011, $300; terms n/30.

9 Purchased merchandise on account from Computers R Us, purchase order no. 4012, $450; terms 2/10, n/60.

15 Paid purchase order no. 4010 in full to A-Tech, Inc., check #2586.

21 Issued debit memorandum no. 10 to Computers R Us for merchandise returned from purchase order no. 4012, $150.

27 Paid for office supplies, $120, check #2587.