INSTRUCTIONS 1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balances

Question:

INSTRUCTIONS

1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balances as of August 1, 2019.

2. Post the entries in Problem 8.4B to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger.

3. Prepare a schedule of accounts payable at August 31, 2019.

GENERAL LEDGER ACCOUNTS

101 Cash, $39,700 Dr.

201 Accounts Payable

501 Purchases

502 Purchases Returns and Allowances

503 Purchases Discounts

504 Freight In

ACCOUNTS PAYABLE LEDGER ACCOUNTS

Brown Dental Corporation

Dental Concepts

Surgical Supplies

Analyze:

What amount did Dental Supplies, Inc., owe to its supplier, Dental Concepts, on August 31?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...