Recording and Posting Purchases and Cash Payment Transaction

Recording and Posting Purchases and Cash Payment Transactions.
Purchases and cash payment transactions made by Best News for the month of March are described below:

Instructions:
Prepare the following reports: Purchases Journal, Cash Disbursement Journal, Vendor Ledger

Purchases Journal

Date

Description

Document #

Post. Ref.

Purchases Debit

Accounts Payable Credit

Cash Disbursements Journal

Date

Description

Document #

Post. Ref.

General Debit

Cash    Credit

Purchases Journal
Date	Description	Document #	Post. Ref.	Purchases Debit	Accounts Payable Credit

Solution

1 Purchase Journal Cash cr Accounts payable cr. Supplies Dr Other accounts Dr 01-Mar ABC publishing 5600 18-Mar Delta press 2800 30-Mar Cash 120 2 Cash Disbursement journal Cash Inventory Other accounts Accounts payable Date Accounts Debited Ck no. Credit Credit Debit Debit 03-Mar Pine forest publications 1400 735 15 750 05-Mar Moore trucking company 1401 275 275 07-Mar Delta press 1402 588 12 600 11-Mar Keystone insurance company 1403 3200 3200 15-Mar ABC publishing 1404 5432 168 5600 28-Mar American trend publishers 1405 800 800 30-Mar Merchandise 1406 120 120 31 Totals 11150 195 3595 7750