As of 30 April 2011 PLR Corporation s accounts payable subsidiary
As of 30 April 2011, PLR Corporation’s accounts payable subsidiary ledger included the following information:
PLR completed the following transactions in May 2011:
Date Transaction
1...... Paid half the amount due to HRP Corp.
3......Purchased inventory on account form VLD Corp., $1,220.
6......Paid the amount due to RGN Corp.
12......Purchased inventory on account form HRP Corp., $3,555
14......Paid the total amount due to HRP Corp.
18......Purchased supplies on account from QOC Corp., $600. Terms: 2/10, n/30.
21... Issued a check to VLD Corp. in payment of Invoice 432, including the applicable discount.
24......Purchased inventory on account form RGN Corp., $1,500.
25......Paid the total amount due to RGN Corp.
27.... Purchased factory equipment, $20,000. Paid 20% down and financed the rest with a 6-month, 12% note payable.
a. Record the May transactions in general journal format.
b. Prepare a schedule of accounts payable as of 31 May 2011.
c. Beyond the information in the journal entries, what information about the transactions would you include in a relational database?
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help