Cengage i: cengageNOWW2 I Onlin × e Chegg Study I Guided Solut I + O |v2cengagen

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Cengage i: cengageNOWW2 I Onlin × e Chegg Study I Guided Solut I + O |v2cengagenow.com/lrntakeAssignmen ignmentakeAssignmentMain.doinvoker-assgpnment-stakeAssignmentsiesion cator-ssiqnment takesimprogress A tSessianLocator assignment-takeBünprogress inal Exam g Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable L sing page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions Mar. 5 Returned merchandise to Tower Industries, $570. 11 Returned merchandise to A & D Arms, $645 23 Returned merchandise to Mighty Mansion, $300. General Ledger Account No. Account Balance Mar 1, 20 20 2 Accounts Payable $8,240 1.1 Purchases Returns and Allowances alculator Accounts Payable Ledger Name A & D Arms Mighty Mansion Balance Mar 1, 20 $2,400 1,300 4,540 0 BS oF er Industries4,S40 Journalize the transactions. Do not enter the posting references until you complete part 2. GENERAL JOURNAL PAGE 3 POST REF DEBIT CREDIT DATE 20 Mar, 5 Accounts Payable/Tower Industries DESCRIPTION 202 570 Next 16 items

Explanation / Answer

General journal General Ledger Date Description Post Ref Debit Credit Date Item Post Ref Debit Credit Debit Credit 5-Mar Accounts payable/Tower industries 202 $        570 1-Mar Balance $        8,240 Purchase returns and allowances $        570 5-Mar J3 570 $        7,670 11-Mar Accounts payable/A&D Arms $        645 11-Mar J3 645 $        7,025 Purchase returns and allowances $        645 23-Mar J3 300 $        6,725 23-Mar Accounts payable/Mighty Mansion $        300 Purchase returns and allowances $        300 Accounts payable ledger Name: A&D Arms Date Item Post ref Debit Credit Balance 1-Mar Balance $        2,400 5-Mar J3 $        570 $        1,830 Accounts payable ledger Name: Mighty Mansion Date Item Post ref Debit Credit Balance 1-Mar Balance $        1,300 11-Mar J3 $        645 $           655 Accounts payable ledger Name: Tower Industries Date Item Post ref Debit Credit Balance 1-Mar Balance $        4,540 23-Mar J3 $        300 $        4,240 Purchase return and allowances Date Item Post Ref Debit Credit Debit Credit 5-Mar J3 570 $           570 11-Mar J3 645 $        1,215 23-Mar J3 300 $        1,515

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