Jim Stokes owns and operates a welding supplies company in Fort Liard. All transactions requiring the payment
Question:
Jim Stokes owns and operates a welding supplies company in Fort Liard. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2014, are as follows:
*Will not agree with the amounts included in the accounts payable balances.
Required
a. Journalize the following transactions.
b. Record in the accounts payable ledger and post to the general ledger as appropriate.
c. Prepare a schedule of accounts payable as of May 31, 2014.
Transcribed Image Text:
Accounts Payable Ledger Balance GST Included ame Dominion Gases Co Glover Gauges Co Marker Gloves Co. Prism Accessories Co Vertal Rod Co. $1,454.25 865.23 1,812.95 3,869.17 2,434.06 S69.25 41.20 86.33 184.25 115.91 Partial General Ledger Account Cash Prepaid GST Delivery Truck Accounts Payable Welding Purchases Welding Purchases Discounts Rent Expense Utilities Expense Number Balance 100 $22,941.18 145 170 200 500 510 670 690 2,418.12 10,435.66 56,422.29 506.20 3,730.00 1,204.66 2014 Paid half the amount owed Dominion Gases Co. from previous purchases on account, less a 2% purchases discount, cheque No. 464 1 2 Bought a delivery truck for $21,400 cash, plus GST of 5 Paid the amount owing to Glover Gauges Co., cheque 6 Bought welding merchandise (cash purchase) from Verico 13 Paid the balance due to Prism Accessories Co. after dedu $1,070, cheque No. 465, payable to City Truck Sales Co No. 466 Canada Co., cheque No. 467, $1,846, plus GST 19 23 27 29 30 ing a 5% discount as per usual terms for this company, cheque No. 468 Bought additional welding merchandise (cash purchase) from Pulse Co., cheque No. 469, $850, plus GST. Paid Marker Gloves Co. the amount owed less a 2% purchases discount, cheque No. 470. Paid rent expense to Abbott Properties Co., cheque No. 471, $1,720, plus GST. Paid utilities expense to Stony Plain Utility Co., cheque No. 472, $364, plus GST. Paid $900.00 to Vertal Rod Co., no discount, cheque No. 473. May
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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