Accounts Payable Subsidiary Ledger/Journalizing

A new computer sales promotion hopes to bring more cash customers to your store for February.

Use the Week 3 Assignment Template Preview the documentto complete this week’s work.

The Accounts Payable Subsidiary Ledger

Recognizing the importance of properly tracking receivables, you also recognize the need to create an Accounts Payable subsidiary ledger. The following are vendors that you have established accounts with:

Elite Computing, 4568 W. Tech Way, Mytown, YS 10011. Terms: n/90

Simon’s Supply, 1984 S. Industrial Pl, Motown, YS 10011. Terms: n/30

Notice the existing balances in the templates.

Record the following transactions for January:

January 8: Purchased merchandise for resale from Elite Computing for $5,000. Receive invoice 7896, dated January 6, with terms of n/90.

January 11: Purchased merchandise for resale from Simon’s Supply for $1,000 plus freight of $50. Receive invoice 9284, dated January 10, with terms of n/30.

January 17: Purchase merchandise for resale from Elite Computing for $3,000 plus freight of $150. Receive invoice 8001, dated January 15th, with terms of n/90.

January 20: Purchase supplies for the shipping department from Simon’s Supply for $500. Receive invoice 9288 dated 1/20/15 with terms of n/30.

January 26: Return $400 of merchandise purchased on invoice 9284 due to damage during shipment. Receive credit memo 9866 from Simon’s Supply.



Proper journalizing and posting:

Make sure to record each transaction the appropriate journal and make any necessary posts to the subsidiary ledger daily. At the end of the month, properly total the sales and purchases journal columns and post to the general ledger. (Remember: any entries to the general journal are post immediately).

Create a Schedule of Accounts Payable

Create a schedule of accounts payable. Confirm that the total in each schedule matches the balance in your general ledger accounts.

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