14 Aug Bus 1A question
| 101 Cash | 201 Accounts Payable |
| 120 Inventory | 306 Owner's Drawings |
| 130 Prepaid Insurance | 505 Cost of Goods Sold |
| 157 Equipment |
On October 1, the accounts payable ledger of Reineke Company showed the following balances: Uggla Company $2,700, Orr Co. $2,500, Rosenthal Co. $1,800, and Clevenger Company $3,700. The October transactions involving the payment of cash were as follows.
| Oct. 1 | Purchased merchandise, check no. 63, $300. |
| 3 | Purchased equipment, check no. 64, $800. |
| 5 | Paid Uggla Company balance due of $2,700, less 2% discount, check no. 65, $2,646. |
| 10 | Purchased merchandise, check no. 66, $2,550. |
| 15 | Paid Rosenthal Co. balance due of $1,800, check no. 67. |
| 16 | C. Reineke, the owner, pays his personal insurance premium of $400, check no. 68. |
| 19 | Paid Orr Co. in full for invoice no. 610, $2,000 less 2% cash discount, check no. 69, $1,960. |
| 29 | Paid Clevenger Company in full for invoice no. 264, $2,500, check no. 70. |
Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal.
Balancing totals $13,050
Insert the beginning balances in the Accounts Payable control and subsidiary accounts, and post the October transactions to these accounts.
Prove the agreement of the control account and the subsidiary account balances.
Accounts Payable $1,700
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