Journalizing Purchases Returns and Allowances and Posting to General Ledger and
ID: 2537574 • Letter: J
Question
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger
Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions:
Journalize the transactions. Do not enter the posting references until you complete part 2.
After posting to the general ledger, go to part 1 and complete the posting. Enter the transactions in chronological order. If an amount box does not require an entry, leave it blank.
Mar. 5 Returned merchandise to Tower Industries, $560. 11 Returned merchandise to A & D Arms, $600. 23 Returned merchandise to Mighty Mansion, $290.Explanation / Answer
Answer
GENERAL JOURNAL
PAGE 3
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Mar. 5
Accounts Payable/Tower Industries
560
Purchases Returns and Allowances
560
Returned merchandise
Mar. 11
Accounts Payable/A & D Arms
600
Purchases Returns and Allowances
600
Returned merchandise
Mar. 23
Accounts Payable/Mighty Mansion
290
Purchases Returns and Allowances
290
Returned merchandise
GENERAL LEDGER
ACCOUNT
Accounts Payable
ACCOUNT NO.
202
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Mar. 1
Balance
8,440
Mar. 5
Purchases Returns and Allowances
J3
560
7,880
Mar. 11
Purchases Returns and Allowances
J3
600
7,280
Mar. 23
Purchases Returns and Allowances
J3
290
6,990
ACCOUNT
Purchases Returns and Allowances
ACCOUNT NO.
501.1
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Mar. 5
Accounts payables
J3
560
560
Mar. 11
Accounts payables
J3
600
1160
Mar. 23
Accounts payables
J3
290
1450
ACCOUNTS PAYABLE LEDGER
NAME
Tower Industries
ADDRESS
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Mar. 1
Balance
4,520
Mar. 5
Purchases Returns and Allowances
J3
560
3,960
NAME
Mighty Mansion
ADDRESS
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Mar. 1
Balance
1,470
Mar.23
Purchases Returns and Allowances
J3
290
1,180
NAME
A & D Arms
ADDRESS
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
20--
Mar. 1
Balance
2,450
Mar.11
Purchases Returns and Allowances
J3
600
1,850
GENERAL JOURNAL
PAGE 3
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Mar. 5
Accounts Payable/Tower Industries
560
Purchases Returns and Allowances
560
Returned merchandise
Mar. 11
Accounts Payable/A & D Arms
600
Purchases Returns and Allowances
600
Returned merchandise
Mar. 23
Accounts Payable/Mighty Mansion
290
Purchases Returns and Allowances
290
Returned merchandise
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