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This tutorial focuses on the processes of journalizing credit purchases, managing purchase returns and allowances, and posting these transactions to the general ledger. It also covers how to effectively post to the accounts payable ledger and prepare a comprehensive schedule of accounts payable. Using examples such as Photo Mart’s accounts payable as of June 30, 2010, it illustrates key ledger accounts, including Accounts Payable, Purchases, and Purchase Returns and Allowances, ensuring clarity in financial statement preparation.
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Problem 8.1A and 8.2A 8.1A Journalizing credit purchases and purchases returns and allowances and posting to the general ledger. 8.2A Posting to the accounts payable ledger and preparing a schedule of accounts payable.
GENERAL LEDGER ACCOUNTS205 Accounts Payable, $13,904 credit501 Purchases502 Freight In503 Purchase returns and allowances
Photo MartSchedule of Accounts PayableJune 30, 2010 Camera & Films Products 12,995 Chicago Case Company 2,900 Jones Company 1,800 The Optical Supply Store 3,130 Zant Corporation 2,590 Total 23,415
