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This document outlines the steps for journalizing credit purchases and processing purchase returns and allowances. It also emphasizes posting transactions to the general ledger and the accounts payable ledger. Key ledger accounts include Accounts Payable at $13,904" and Purchases, Freight In, and Purchase Returns and Allowances. A detailed schedule of accounts payable as of June 30, 2010, highlights major creditors like Photo Mart and their respective balances, totaling $23,415. These practices are essential for accurate financial reporting and effective account management.
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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
