Williams Corporation had the following purchases for May: May 3 Bought ten lawn rakes from Owens Company,
Question:
Williams Corporation had the following purchases for May:
May 3 Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $ 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, $ 15 ( total $ 265.25).
11 Bought one weed trimmer from Lionel’s Lawn & Landscaping, invoice no. R7740, $ 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, $ 35 (total $ 254.72).
15 Bought five bags of fertilizer from Wright’s Farm Supplies, invoice no. 478, $ 210.97; terms net 30 days; dated May 13; FOB destination.
25 Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, $ 425.39; terms net 30 days; dated May 22; FOB destination.
Assume that Williams Corporation had beginning balances on May 1 of $ 3,492.29 (Accounts Payable 212), $ 4,239.49 (Purchases 511), and $ 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille