ON THE JOB SMITH COMPUTER CENTER
The following is an updated schedule of accounts payable as of January 31, 201X.
Schedule of Accounts Payable
The Staple Store 50
Quality Office Furniture 1,800
Pacific Bell 170
A-Tech, Inc. 550
Total Accounts Payable $2,570
Assignment
1. Journalize the transactions. Use the periodic method.
2. Record in the accounts payable subsidiary ledger and post to the general ledger as appropriate. A partial general ledger is included in the working papers that accompany this text.
3. The following accounts have been added to the chart of accounts: Purchases 6000, Purchase Returns and Allowances 6010, and Purchase Discounts 6020.
4. Prepare a schedule of accounts payable as of February 28, 201X.
The transactions for the month of February are as follows:
201X
Feb.
1 Prepaid the rent for the months of February, March, and April, $1,500, check #2585.
4 Bought merchandise on account from A-Tech, Inc., purchase order no. 4010, $480; terms 3/10, n/30.
8 Bought office supplies on account from The Staple Store, purchase order no. 4011, $300; terms n/30.
9 Purchased merchandise on account from Computers R Us, purchase order no. 4012, $450; terms 2/10, n/60.
15 Paid purchase order no. 4010 in full to A-Tech, Inc., check #2586.
21 Issued debit memorandum no. 10 to Computers R Us for merchandise returned from purchase order no. 4012, $150.
27 Paid for office supplies, $120, check #2587.
