Recording and Posting Purchases and Cash Payment Transactions. Purchases and cas
ID: 2401568 • Letter: R
Question
Recording and Posting Purchases and Cash Payment Transactions.
Purchases and cash payment transactions made by Best News for the month of March are described below:
Instructions:
Prepare the following reports: Purchases Journal, Cash Disbursement Journal, Vendor Ledger
Purchases Journal
Date
Description
Document #
Post. Ref.
Purchases Debit
Accounts Payable Credit
Cash Disbursements Journal
Date
Description
Document #
Post. Ref.
General Debit
Cash Credit
Purchases Journal
Date
Description
Document #
Post. Ref.
Purchases Debit
Accounts Payable Credit
Explanation / Answer
1 Purchase Journal Cash cr Accounts payable cr. Supplies Dr Other accounts Dr 01-Mar ABC publishing 5600 18-Mar Delta press 2800 30-Mar Cash 120 2 Cash Disbursement journal Cash Inventory Other accounts Accounts payable Date Accounts Debited Ck no. Credit Credit Debit Debit 03-Mar Pine forest publications 1400 735 15 750 05-Mar Moore trucking company 1401 275 275 07-Mar Delta press 1402 588 12 600 11-Mar Keystone insurance company 1403 3200 3200 15-Mar ABC publishing 1404 5432 168 5600 28-Mar American trend publishers 1405 800 800 30-Mar Merchandise 1406 120 120 31 Totals 11150 195 3595 7750
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