Ask Question
12 May, 05:44

Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased office supplies from Officemate Inc. on account, $415. Apr. 9. Purchased office equipment on account from Tek Village Inc., $2,460. Apr. 16. Purchased office supplies from Officemate Inc. on account, $185. Apr. 19. Purchased office supplies from Paper-to-Go Inc. on account, $195. Apr. 27. Paid invoice on April 4 purchase from Officemate Inc. a. Prepare a purchases journal to record the April purchase transactions for Guardian Services Inc. If an amount box does not require an entry, leave it blank. If no entry is required in "Other Accounts Dr." then select "No entry required".

+4
Answers (1)
  1. 12 May, 07:22
    0
    Apr. 4.

    Office Supplies $415 (debit)

    Accounts Payable - Officemate Inc. $415 (credit)

    Apr. 9

    Office Equipment $2,460 (debit)

    Accounts Payable - Tek Village Inc. $2,460 (credit)

    Apr. 16.

    Office Supplies $185 (debit)

    Accounts Payable - Officemate Inc. $185 (credit)

    Apr. 19

    Office Supplies $195 (debit)

    Accounts Payable - Paper-to-Go Inc. $195 (credit)

    Apr. 27

    Accounts Payable - Officemate Inc. $415 (debit)

    Cash $415 (credit)

    Explanation:

    Recognise a Liability - Accounts Payable for each purchase on Account.

    De-recognise the liability when amount is settled.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers