The debits and credits from three related transactions are presented in the following creditor’s account taken from the accounts payable ledger:
NAME Apex Performance Co. ADDRESS 101 W. Stratford Ave. Date Item
Post. Ref. Debit Credit Balance 20Y7 June 6 P4912,000 12,000 14 J12 15011,850 16 CP23 11,850 —
Describe each transaction and identify the source of each posting.
Answer:
June
6. Purchased services, supplies, equipment, or other commodities on account; posted from purchases journal Page 49.
14. Received an invoice adjustment or corrected an error related to purchase of June 6; posted from general journal Page 12. (A payment would be recorded in the cash payments journal.)
16. Paid balance owed; posted from cash payments journal Page 23.