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Apr. 2 Purchased merchandise inventory on credit terms of 3/10, nv60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. 24 Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 28 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 29 Issued check no. 824 to pay rent for the month, $1,250.

Apr. 2 Purchased merchandise inventory on credit terms of 3/10, nv60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. 24 Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 28 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 29 Issued check no. 824 to pay rent for the month, $1,250.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...
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Recording transactions—purchases journal

Requirements

  1. Prepare headings for a purchases journal. Journalize the transactions that should be recorded in the purchases journal. The company uses the perpetual inventory system.
  2. Total each column of the purchases journal.
Apr. 2 Purchased merchandise inventory on credit terms of 3/10, nv60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. 24 Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 28 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 29 Issued check no. 824 to pay rent for the month, $1,250.
Transcribed Image Text:Apr. 2 Purchased merchandise inventory on credit terms of 3/10, nv60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. 24 Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 28 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 29 Issued check no. 824 to pay rent for the month, $1,250.
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