Saras Cupcakes of Cold Lake uses a purchases journal (page 10) and a general journal (page 2)

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Sara’s Cupcakes of Cold Lake uses a purchases journal (page 10) and a general journal (page 2) to record the following transactions:
2022
May 

8 Purchased merchandise on account from Stanton Co., invoice No. 1416, dated May 6, terms 2/10, n/60, $900.
11 Purchased merchandise on account from Kenn Co., invoice No. 618, dated May 11, terms 2/10, n/60, $1,540.
14 Purchased store supplies on account from Stacy Co., invoice No. 741, dated May 13, $1,050.
15 Issued debit memo No. 5 to Stanton Co. for merchandise returned, $300 from invoice No. 1416.
18 Purchased office equipment on account from King Co., invoice No. 1110, dated May 18, $1,837.
24 Purchased additional store supplies on account from Stacy Co., invoice No. 780, dated May 23, terms 2/10, n/30, $940.
The food store has decided to use a separate column for merchandise purchases and one for the purchase of supplies in the purchases journal.


Required
a. Journalize the transactions.
b. Post and record as appropriate.
c. Prepare a schedule of accounts payable.

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Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 9780135222416

14th Canadian Edition

Authors: Jeffrey Slater, Debra Good

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