On July 7, 2023, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for
Question:
On July 7, 2023, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for merchandise returned from invoice No. 632, which originally included GST at 5%. Your task is to journalize, record, and post this transaction as appropriate. Use the same account numbers as found in the text for Art’s Clothing (in Chapter 7). The general journal page is page 1.
Data from in Chapter 7.
Transcribed Image Text:
Date Account Credited 2022 April 2 Abby Blake Company 5 Joe Francis Company 8 9 15 26 30 Thorpe Company John Sullivan Company Abby Blake Company John Sullivan Company The ✔ in the purchases journal indicates that the entry has been recorded in the accounts payable subsidiary ledger during the month. Abby Blake Co. ACCOUNTS PAYABLE SUBSIDIARY LEDGER Dr. Joe Francis Co. Dr. Dr. Cr. 5,050 PJ1 4/2 600 PJ1 4/15 Cr. 4,000 PJ1 4/5 Date of Inv. Invoice No. John Sullivan Co. Dr. Cr. 980 PJ1 4/9 500 PJ1 4/26 Thorpe Co. April 1 228 2/10, n/60 April 2 388 April 8 415 1/10, 1/30 April 8 516 April 12 242 April 25 612 Cr. 800 PJ1 4/8 ART'S CLOTHING COMPANY PURCHASES JOURNAL Terms PR SSSSSS Tells us what page of the journal the information came from. ✓ ✓ ✓ n/10, EOM ✔ 1/10, 1/30 Accounts Payable Credit 505000 505000 400000 Total of Accounts Payable and Inventory posted to general ledger accounts at end of month. 80000 98000 60000 50000 1193000| 743000 (211) (105) Inventory Debit 4/26 PJ1 500 Supplies 105 Controlling account 80000 98000 60000 Sundry-Dr. Account PR Amount Equipment 121 Supplies 105 Total of Sundry not posted. Posted to general ledger account when transaction is entered. PARTIAL GENERAL LEDGER 4/5 PJ1 4,000 Equipment 121 4/30 PJ1 7,430 Inventory 115 Accounts Payable 211 Page 1 11,930 PJ1 4/30 400000 50000- 450000 (X)
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College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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