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Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field supplies on account from Wendell Co., $3,240. 3. Purchased office supplies on account from Lassiter Co., $340. 8. Purchased field supplies on account from Tri Cities Supplies, $4,500. 12. Purchased field supplies on account from Wendell Co., $3,670. 15. Purchased office supplies on account from J-Mart Co., $500. 19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150. 23. Purchased field supplies on account from Tri Cities Supplies, $2,450. 26. Purchased office supplies on account from J-Mart Co., $265. 30. Purchased field supplies on account from Tri Cities Supplies, $3,040. Instructions 1. Insert the following balances in the general ledger as of May 1: $ 6,200 1,490 14 Field Supplies 15 Office Supplies 18 Office Equipment 21 Accounts Payable 19,400 5,145 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: Accu-Vision Supply Co. $3,900 J-Mart Co. 730 Lassiter Co. 515 Tri Cities Supplies Wendell Co. 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?

Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field supplies on account from Wendell Co., $3,240. 3. Purchased office supplies on account from Lassiter Co., $340. 8. Purchased field supplies on account from Tri Cities Supplies, $4,500. 12. Purchased field supplies on account from Wendell Co., $3,670. 15. Purchased office supplies on account from J-Mart Co., $500. 19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150. 23. Purchased field supplies on account from Tri Cities Supplies, $2,450. 26. Purchased office supplies on account from J-Mart Co., $265. 30. Purchased field supplies on account from Tri Cities Supplies, $3,040. Instructions 1. Insert the following balances in the general ledger as of May 1: $ 6,200 1,490 14 Field Supplies 15 Office Supplies 18 Office Equipment 21 Accounts Payable 19,400 5,145 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: Accu-Vision Supply Co. $3,900 J-Mart Co. 730 Lassiter Co. 515 Tri Cities Supplies Wendell Co. 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field supplies on account from Wendell Co., $3,240. 3. Purchased office supplies on account from Lassiter Co., $340. 8. Purchased field supplies on account from Tri Cities Supplies, $4,500. 12. Purchased field supplies on account from Wendell Co., $3,670. 15. Purchased office supplies on account from J-Mart Co., $500. 19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150. 23. Purchased field supplies on account from Tri Cities Supplies, $2,450. 26. Purchased office supplies on account from J-Mart Co., $265. 30. Purchased field supplies on account from Tri Cities Supplies, $3,040. Instructions 1. Insert the following balances in the general ledger as of May 1: $ 6,200 1,490 14 Field Supplies 15 Office Supplies 18 Office Equipment 21 Accounts Payable 19,400 5,145 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: Accu-Vision Supply Co. $3,900 J-Mart Co. 730 Lassiter Co. 515 Tri Cities Supplies Wendell Co. 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?
Transcribed Image Text:Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field supplies on account from Wendell Co., $3,240. 3. Purchased office supplies on account from Lassiter Co., $340. 8. Purchased field supplies on account from Tri Cities Supplies, $4,500. 12. Purchased field supplies on account from Wendell Co., $3,670. 15. Purchased office supplies on account from J-Mart Co., $500. 19. Purchased office equipment on account from Accu-Vision Supply Co., $8,150. 23. Purchased field supplies on account from Tri Cities Supplies, $2,450. 26. Purchased office supplies on account from J-Mart Co., $265. 30. Purchased field supplies on account from Tri Cities Supplies, $3,040. Instructions 1. Insert the following balances in the general ledger as of May 1: $ 6,200 1,490 14 Field Supplies 15 Office Supplies 18 Office Equipment 21 Accounts Payable 19,400 5,145 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: Accu-Vision Supply Co. $3,900 J-Mart Co. 730 Lassiter Co. 515 Tri Cities Supplies Wendell Co. 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?
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