Asked by Clayton Kinzel on May 11, 2024
Verified
Two transactions were posted to the following creditor's account:NAME Windsurf, Inc.ADDRESS 343 Coastline Road? Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance 1,2108 Invoice No. 333 CP38 1,210−15 Invoice No. 567 P11 735735\begin{array} { | r | l | c | c | c | r | } \hline \text { Date } & \text { Item } & \text { Post. Ref. } & \text { Debit } & \text { Credit } & \text { Balance } \\\hline \text { Aug. } 1 & \text { Balance } & & & & 1,210 \\\hline 8 & \text { Invoice No. } 333 & \text { CP38 } & 1,210 & & - \\\hline 15 & \text { Invoice No. } 567 & \text { P11 } & & 735 & 735 \\\hline & & & & & \\\hline\end{array} Date Aug. 1815 Item Balance Invoice No. 333 Invoice No. 567 Post. Ref. CP38 P11 Debit 1,210 Credit 735 Balance 1,210−735 Describe each transaction and the source of each posting.?
Creditor's Account
An account maintained to record transactions involving credit purchases or loans received, indicating the amount owed to suppliers or lenders.
- Fathom the contribution and structure of subsidiary ledgers in accounting schemes.
- Analyze and clarify the effect of business operations on the financial accounts of a company.
Verified Answer
AM
Amina MustajbasicMay 17, 2024
Final Answer :
Aug. 8Payment of $1,210 to Windsurf, Inc. on account
(Invoice No. 333). Amount posted from page 38 of the cash payments journal.Aug. 15Purchased $735 on account from Windsurf, Inc. itemized on Invoice No. 567. Amount posted from page 11 of the purchases journal.
(Invoice No. 333). Amount posted from page 38 of the cash payments journal.Aug. 15Purchased $735 on account from Windsurf, Inc. itemized on Invoice No. 567. Amount posted from page 11 of the purchases journal.
Learning Objectives
- Fathom the contribution and structure of subsidiary ledgers in accounting schemes.
- Analyze and clarify the effect of business operations on the financial accounts of a company.