Financial Statements Review
Lesson 9-1 When you add all of the Accounts Payable Ledger account balances, it will equal the balance of the Accounts Payable account in the general ledger. This is just another way of controlling the accuracy of your work.
November 6. Purchased merchandise on account from Wynn Lighting, $1, Purchase Invoice No Lesson 9-2
Lesson Calculate the new balance.
Lesson 9-3 Your total Purchases debits = your total Accounts Payable credits
Lesson Journal Number 5 5 Account Number 1 1 Date 4 4 Account Balance 3 3 Debit or Credit Note: Post to two general ledger accounts Purchases Debit and Accounts Payable Credit Purchases Debit and Accounts Payable Credit
November 3. Wrote a check to Kelser Promotions for advertising, $ Check No Lesson 9-4
November 6. Wrote a check to Wells Office Supply for store supplies, $ Check No Lesson 9-4
November 9. Purchased merchandise from Polar Refrigeration for cash, $ Check No Lesson 9-4
November 14. Paid cash on account to Galle Electric, $627.20, covering Purchase Invoice No. 489 for $640.00, less 2% discount, $ Check No Lesson 9-4
November 21. Wrote a check to S&R Imports to pay on account, $2,512.00, covering Purchase Invoice No Check No. 706.
Lesson 9-4 November 22. Paid cash to replenish the petty cash fund, $214.82: advertising, $124.00; store supplies, $62.18; miscellaneous, $28.95; cash over, $0.31. Check No Check Number Date Cash Over is a Credit Amounts Account Title Total Cash Payment
Lesson Debit 1 1 Date 5 5 Vendor Number 2 2 Journal Page Number 4 4 Account Balance
Lesson Debit 1 1 Date 5 5 Vendor Number 2 2 Journal Page Number 4 4 Account Balance
Lesson 9-5 Prove the accuracy of your work by adding the two debit column totals and verifying that the total equals the total of the three credit column totals.
Lesson Debit or Credit Amount 1 1 Date Journal Page Number Account Balance Account Number You have to post the Accounts Payable Debit column total, the Purchases Discount Credit total and the Cash Credit total to the three ledger cards.
Lesson 9-5