Set A Robert Chase recently opened Robert\'s Skate Shop. As the bookkeeper of -1

Question

Set A Robert Chase recently opened Robert's Skate Shop. As the bookkeeper of -1 10A-the company, use the periodic method to journalize, record, and post when ropriate the following transactions (account numbers are Store Supplies Store Equipment 121; Accounts Payable 210; Purchases 510): 201X May Bought $600 of merchandise on account from Wales Co., invoice no. 442, dated May 5; terms 3/10, n/30. Bought $4,600 of store equipment on account from Kingston Co., invoice no. 502, dated May 6. Bought $1,700 of merchandise on account from Rolo Co., invoice no. 401, dated May 9; terms 3/10, n/30. Bought $1,000 of store supplies on account from Wales Co., invoice no. 419, dated May 14. 4 5 8 14

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit May, 04 Purchase Account $     600.00       To Account Payable $     600.00 (To record the purchase of merchandise) May, 05 Store Equipment $ 4,600.00         To Account Payable $ 4,600.00 (To Record the purchase of store equipment) May, 08 Purchase Account $ 1,700.00       To Account Payable $ 1,700.00 (To record the purchase of merchandise) May, 14 Store Supplies $ 1,000.00       To Account Payable $ 1,000.00 (To record the purchase of Store Supplies) STORE SUPPLIES ACCOUNT Date Particulars Amount Date Particulars Amount May, 14 To Account Pauablle $       1,000 May , 31 By Balance C/f $             1,000 $       1,000 $             1,000 STORE EQUIPMENT ACCOUNT Date Particulars Amount Date Particulars Amount May, 05 To Account Payable $       4,600 May , 31 By Balance C/f $             4,600 $       4,600 $             4,600 ACCOUNT PAYABLE ACCOUNT Date Particulars Amount Date Particulars Amount May ,31 To Balance C/f $       7,900 May, 04 By Purhase $                600 May, 05 By Store Equipment $             4,600 May, 08 By Purhase $             1,700 May, 14 By Store Supplies $             1,000 $       7,900 $             7,900 PURCHASE ACCOUNT Date Particulars Amount Date Particulars Amount May, 04 To Account Payable $           600 May , 31 By Balance C/f $             2,300 May, 08 To Account Payable $       1,700 $       2,300 $             2,300

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