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Question 5.4: Accounts Payable Subsidiary Ledger The debits and credits fr......

Accounts Payable Subsidiary Ledger

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

NAME                   Lassiter Services Inc.
ADDRESS           301 St. Bonaventure Ave.

Describe each transaction and the source of each posting.

Date Item Post. Ref. Debit Credit Balance
Aug.    1 Balance 320
12 Invoice No. 101 CP36 200 120
22 Invoice No. 106 P16 140 260
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Aug. 12.   Paid $200 to Lassiter Services Inc. on account (Invoice No. 101).                 Amount posted from page 36 of the cash payments journal.

22.   Purchased $140 of services on account from Lassiter Services Inc. itemized on Invoice No. 106. Amount posted from page 16 of the purchases journal.

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