Solution-Post the entries from the journal to the general

Post the entries from the journal to the general ledger

Assignment Help Accounting Basics

Reference no: EM131722922

Problem - Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred.

Date	Transaction
Mar. 1	Purchased merchandise on account from Big Bags Inc., $2500.00. Inv 81 dated 3/1, terms 2/10, n/30.
9	Purchased merchandise on account from Little Bags & Belts, LLC, gross amount $672.50 less 20% trade discount. Inv 10567 dated 3/9, terms 1/15, n/30.
9	Issued check 536 to Big Bags Inc. for Invoice 81 less 2% discount.
18	Received a credit memo from Little Bags & Belts, LLC for defective merchandise, $38.00. CM 10624
19	Purchased merchandise on account from Donna Little Emporium, $800 plus $50 freight. Inv 5543 dated 3/15, terms 2/10, n/30.
22	Issued check 537 to UPS for freight in on merchandise, $250.
23	Issued check 538 to Little Bags & Belts for balance owed less allowable discounts.
28	Issued check 539 to The Leather Shoppe for cash purchase of merchandise, $75.
31	Issued check 540 to Donna Little Emporium, $425. No discount allowed.
31	Purchased merchandise on account from Big Bags Inc., $2250.00. Inv 95 dated 3/30, terms 2/10, n/30.

Instructions;

1- Enter the above transactions in the general journal.

2- Post the entries from the journal to the general ledger and subsidiary ledgers provided.

3- Prepare a schedule of accounts payable as of March 31, 20--.

Attachment:- Assignment File.rar

Reference no: EM131722922

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Post the entries from the journal to the general ledger

Reference no: EM131722922

Reference no: EM131722922

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