Question

Question 3 Not complete Marked out of 5.00 P Flag question The Account The following transactions occurred during December, the first month of operations for Farly Company. Prepare journal entries and create a T-account for accounts payable that includes the following five transactions 1 Purchased 1900 of vwentory on account 2 Purchased 5200 of inventory on account. 3 Parduers 5550 4 Purchased 500 of w ory on account 5 Paid suppliers 5300 General Journal 2/SO e A F S O G J K H L

Answer 1

	JOURNAL ENTRIES:				Accounts Payable
1]	Inventory+B864:B873	$               900			[1]		$               900
	Accounts payable		$               900		[2]		$               200
	[To record purchase of inventory on account]				[3]	$      550
					[4]		$               500
2]	Inventory	$               200			[5]	$                300
	Accounts payable		$               200
	[To record purchase of inventory on account]				Balance		$               750
3]	Accounts payable	$               550
	Cash		$               550
	[To record payment to suppliers]
4]	Inventory	$               500
	Accounts payable		$               500
	[To record purchase of inventory on account]
5]	Accounts payable	$               300
	Cash		$               300
	[To record payment to suppliers]