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Chapter 3 p. 206 Problem Set B PB13 Post the following November transactions to T-accounts for...


Chapter 3 p. 206 Problem Set B PB13

Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $21,220.

A. purchased merchandise inventory on account, $9,900

Accounts Payable

_________?__________

Inventory

________?__________

B. paid vendors for part of inventory purchased earlier in month, $6,500

Cash

Beg. Bal.          21,220.00

_________?________

Accounts Payable

9,900.00

______?_______

C. purchased merchandise inventory for cash, $4,750

Cash

Beg. Bal.          21,220.00

6,500.00

____?_____

Bal. _____?______

Accounts Payable

9,900.00

6,500.00

Bal. _____?______

Inventory

9,900.00

_______?_______

Bal. ______?______
Business   Accounting   
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Homework Answers

Answer #1

A. purchased merchandise inventory on account, $9,900:

Accounts payable
Purchases $9,900
Inventory
Purchases $9,000

B. paid vendors for part of inventory purchased earlier in month, $6,500:

Cash
Beg. Bal. $21,220.00
Accounts payable $6,500
Accounts payable
Purchases $9,900
Cash $9,000

C. purchased merchandise inventory for cash, $4,750:

Cash
Beg. Bal. $21,220.00
Accounts payable $6,500
Purchases $4,750
End. Bal. $9,970.00
Accounts payable
Purchases $9,900
Cash $9,000
End. Bal. $900
Inventory
Purchases $9,000
Purchases $4,750
End. Bal. $13,750
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