Journal and the cash disbursements

Reference no: EM13143943

Williams Company began business on May 1. They use the perpetual inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May.

May 2 Purchased $25,000 of merchandise inventory on credit from the Sioux City Company,terms 2/10, n/30. Invoice dated May 1.
May 3 Purchased $12,000 of merchandise inventory on credit from the Wichita Company,terms 2/10, n/30. Invoice dated May 2.
May 3 Purchased $3,000 of office supplies for cash from Bettendorf Co. Check no. 1267
MAY 4 Purchased $36,000 of office equipment on credit from Office Outfitters, terms n/60.Invoice dated May 3.
MAY 6 Paid the amount due for the merchandise purchased from Sioux City Company
Check no. 1268
MAY 6 Purchased $14,500 of merchandise inventory for cash from the Davenport Co. Check no. 1269.

a. Use the purchases journal and the cash disbursements journal to record these transactions.

b. Prepare a schedule of accounts payable. There were no accounts payable on May 1.

Reference no: EM13143943

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