The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account:

The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account:

NAME Colonial Inc.

ADDRESS 5000 Grand Ave.

Date Item

Post.  

Ref. Debit Credit Balance

Jan.  1 Balance ✓ 92

11 Invoice No. 122 CP71 64 28

 26 Invoice No. 139 P5572 100

Describe each transaction and the source of each posting.

Answers:

Jan. 

11. Paid $64 to Colonial Inc. on account (Invoice No. 122). Amount posted from Page 71 of the cash payments journal.

26. Made purchases of $72 on account from Colonial Inc. (Invoice No. 139). Amount posted from Page 55 of the purchases journal.