EX 5-15 Posting a purchases journal
The purchases journal for Crystal View Window Cleaners Inc. is shown below. The accounts payable account has a January 1, 2012, balance of $365 of an amount due from Little Co. There were no payments made on creditor invoices during January.
|
PURCHASES JOURNAL |
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|
Accts. |
Cleaning |
Other |
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|
Post. |
Payable |
Supplies |
Accounts |
Post. |
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|
Date |
Account Credited |
Ref. |
Cr. |
Dr. |
Dr. |
Ref. |
Amount |
|
2012 |
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|
Jan. 4 |
Kleen-Mate Supplies Inc. |
570 |
570 |
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|
15 |
Little Co. |
250 |
250 |
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|
19 |
Office Mate Inc. |
2,700 |
Office Equipment |
2,700 |
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|
26 |
Kleen-Mate Supplies Inc. |
330 |
330 |
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|
31 |
3,850 |
1,150 |
2,700 |
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a. Prepare a T account for the accounts payable creditor accounts.
b. Post the transactions from the purchases journal to the creditor accounts, and determine their ending balances.
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.
d. Prepare a schedule of the creditor account balances to verify the equality of the sum of the creditor account balances and the accounts payable account balance.
e. How might a computerized accounting system differ from the use of a purchases journal in recording purchase transactions?