15 Jan EX 5-18 Purchases and cash payments journalsHappy
EX 5-18 Purchases and cash payments journalsHappy Tails Inc. has a September 1 accounts payable balance of $525, which consists of $340 due Labradore Inc. and $185 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 2012 are as follows: Sept. 4. Purchased pet supplies from Best Friend Supplies Inc. on account, $230. 6. Issued Check No. 345 to Labradore Inc. in payment of account, $340. 13. Purchased pet supplies from Poodle Pals Inc., $660. 18. Issued Check No. 346 to Meow Mart Inc. in payment of account, $185. 19. Purchased office equipment from Office Helper Inc. on account, $2,250. 23. Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4. 27. Purchased pet supplies from Meow Mart Inc. on account, $350. 30. Issued Check No. 348 to Sanders Inc. for cleaning expenses, $50.a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark (v) in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: Cash 11 Office Equipment 13 Pet Supplies 14 Accounts Payable 21 Cleaning Expense 54b. Prepare a listing of accounts payable subsidiary ledger balances on September 30, 2012. Verify that the total of the accounts payable subsidiary ledger balances equals the balance of the accounts payable control account on September 30, 2012.c. Why does Happy Tails use a subsidiary ledger for accounts payable?Error in accounts payable ledger and accounts payable subsidiary ledgerAfter Gold Rush Assay Services Inc. had completed all postings for March in the current year (2012), the sum of the balances in the following accounts payable ledger did not agree with the $37,900 balance of the controlling account in the general ledger. NAME C. D. Greer and Son ADDRESS 972 S. Tenth Street Date Item Post Ref. Debit Credit Balance 2012 Mar. 17 P30 3,750 3,750 27 P31 12,000 15,750 NAME Chester Chemical Supplies Inc. ADDRESS 1170 Mattis Avenue Date Item Post Ref. Debit Credit Balance 2012 Mar. 1 Balance (v) 8,300 9 P30 6,200 14,000 12 J7 300 13,700 20 CP23 5,800 7,900 NAME Cutler and Powell ADDRESS 717 Elm Street Date Item Post Ref. Debit Credit Balance 2012 Mar. 1 Balance (v) 6,100 18 CP23 6,100 29 P31 7,800 7,800 NAME Montana Minerals Co. ADDRESS 1240 W. Main Street Date Item Post Ref. Debit Credit Balance 2012 Mar. 1 Balance (v) 4,750 10 CP22 4,750 17 P30 3,700 3,700 25 J7 900 1,800 NAME Valley Power ADDRESS 915 E. Walnut Street Date Item Post Ref. Debit Credit Balance 2012 Mar. 5 P30 3,150 3,150Assuming that the controlling account balance of $37,900 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable subsidiary ledger balances (from the corrected accounts payable subsidiary ledger).
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