Alex Yeoman Painting Co. of Yellowknife uses a purchases journal (page 21) and a general journal (page 32) to record the following transactions. The GST rate is 5%. 

2018 Aug. 3 Purchased paint supplies for resale from European Import Paint Co., invoice No. 653, dated August 2, terms net 15 days, $1,362 plus GST. 

7 Purchased merchandise on account from Rob Co., invoice No. 250, dated August 7, terms 2/10, n/60, $920, plus GST. 

10 Purchased merchandise on account from RJ Co., invoice No. 1124, dated August 7, terms 1/10, n/60, $1,626, plus GST. 

13 Purchased store supplies on account from Garret Co., invoice No. 712, dated August 13, $2,680, plus GST. 

14 Issued debit memo No. 8 to Rob Co. for merchandise returned, $160, plus GST, from invoice No. 250. 

17 Purchased office equipment on account from Reliant Co., invoice No. 873, dated August 14, $2,610, plus GST. 

24 Purchased additional store supplies on account from Garret Co., invoice No. 816, dated August 24, terms 2/10, n/30, $725, plus GST. 

28 Purchased paint for resale from European Import Paint Co., invoice No. 713, dated August 27, terms net 15 days, $2,740, plus GST. 

The paint store has decided to keep a separate column for the purchases of supplies in the purchases journal and also has a separate column for GST. The account balances as of August 1, 2018, are as follows: 

Required 

a. Journalize the transactions. 

b. Post and record as appropriate. 

c. Prepare a schedule of accounts payable as of August 31, 2018.

Transcribed Image Text:

Accounts Payable Subsidiary Ledger Name Balance Rob Co. $ 840 European Import RJ Co. 3,255 1,575 Garret Co. 525 Reliant Co. 2,730 Partial General Ledger Account Number Balance Inventory Store Supplies Prepaid GST Office Equipment Accounts Payable 115 $84,966 130 142 2,795 180 220 8,925