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:
14 Field Supplies $ 6,200
15 Office Supplies 1,490
18 Office Equipment 19,400
21 Accounts Payable 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?
Answer:
1. and 4.
Account No. 14
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance 6,200
31 P30 16,900 23,100
Account No. 15
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance 1,490
31 P30 1,105 2,595
Account No. 18
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance 19,400
19 P30 8,150 27,550
Account No. 21
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance 5,145
31 P30 26,155 31,300
2. and 3.
Post.
Item Ref. Debit Credit Balance
May 1 Balance 3,900
19 P30 8,150 12,050
Post.
Item Ref. Debit Credit Balance
May 1 Balance 730
15 P30 500 1,230
26 P30 265 1,495
Post.
Item Ref. Debit Credit Balance
May 1 Balance 515
3 P30 340 855
Post.
Item Ref. Debit Credit Balance
May 8 P30 4,500 4,500
23 P30 2,450 6,950
30 P30 3,040 9,990
Post.
Item Ref. Debit Credit Balance
May 1 P30 3,240 3,240
12 P30 3,670 6,910
3. and 4.
Page 30
May 19 3,240 3,240
39 340 340
89 4,500 4,500
129 3,670 3,670
159 500 500
199 8,150 Office Equipment 18 8,150
239 2,450 2,450
269 265 265
309 3,040 3,040
3126,155 16,900 1,1058,150
(21) (14) (15)(9)
5. a. $31,300 ($12,050 + $1,495 + $855 + $9,990 + $6,910)
b. $31,300
6. Supply chain management e-commerce applications would be used to plan and coordinate transactions with suppliers.
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