Happy Tails Inc has a June 1 accounts payable balance

#8825
Happy Tails Inc. has a June 1 accounts payable balance of $600, which consists of $360 due
Labradore Inc. and $240 due Meow Mart Inc. Transactions related to purchases and cash
payments completed by Happy Tails Inc. during the month of June 2014 are as follows: June 4.
Purchased pet supplies from Best Friend Supplies Inc. on account, $255. 6. Issued Check No.
345 to Labradore Inc. in payment of account, $360.13. Purchased pet supplies from Poodle
Pals Inc., $710.18. Issued Check No. 346 to Meow Mart Inc. in payment of account, $240.19.
Purchased office equipment from Office Helper Inc. on account, $2,670.23. Issued Check No.
347 to Best Friend Supplies Inc. in payment of account from purchase made on June 4.27.
Purchased pet supplies from Meow Mart Inc. on account, $400.30. Issued Check No. 348 to
Jennings Inc. for cleaning expenses, $65.a. Prepare a purchases journal and a cash payments
journal to record these transactions.The forms of the journals are similar to those used in the
text. Place a check mark(?) in the Post. Ref. column to indicate when the accounts payable
subsidiary ledger should be posted. Happy Tails Inc. uses the following
accounts:Cash.............................11Pet Supplies....................14Office
Equipment.............18Accounts Payable.............21Cleaning Expense.............54b. Prepare a
listing of accounts payable creditor balances on June 30, 2014. Verify that the total of the
accounts payable creditor balances equals the balance of the accounts payable controlling
account on June 30, 2014.c. Why does Happy Tails Inc. use a subsidiary ledger for accounts
payable?View Solution:
Happy Tails Inc has a June 1 accounts payable balance

ANSWER
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