The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar Harbor has 25 full-time employees and hires 150 to 200 seasonal workers for the harvest.
For the past six summers, you have picked berries for Bar Harbor. When you graduated, you were hired full-time as the accountant/office manager. Until now, Bar Harbor kept most of its accounting records in a big file box. Jack Phillips, the owner, would like a more organized approach to the farm’s accounting records. He asked you to establish a proper set of books. You decide to start by establishing appropriate journals and ledgers for these transactions.
Presented below are a set of vendor invoices and a few partially completed journals and ledgers. Your job is to record these transactions and update the appropriate ledgers. Be sure to leave a proper audit trail. You may also use Excel, Great Plains, Peachtree, QuickBooks, or another accounting software package of your choosing to complete this problem.
VENDOR INVOICES | ||||
DATE | SUPPLIER INVOICE | SUPPLIER NAME | SUPPLIER ADDRESS | AMOUNT |
March 7 | AJ34 | Bud’s Soil Prep | PO Box 34 | $2,067.85 |
March 11 | 14568 | Osto Farmers Supply | 45 Main | $67.50 |
March 14 | 893V | Whalers Fertilizer | Route 34 | $5,000.00 |
March 21 | 14699 | Osto Farmers Supply | 45 Main | $3,450.37 |
March 21 | 10102 | IFM Wholesale | 587 Longview | $4,005.00 |
March 24 | 10145 | IFM Wholesale | 587 Longview | $267.88 |
PURCHASES JOURNAL | |||||
PAGE 1 | |||||
DATE | SUPPLIER | SUPPLIER INVOICE | ACCOUNT NUMBER | POST REF | AMOUNT |
March 7 | Bud’s Soil Prep | AJ34 | $2,067.85 | ||
GENERAL LEDGER | |||||
ACCOUNTS PAYABLE |
| ACCOUNT NUMBER: 300 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE |
March 1 | Balance Forward |
| $18,735.55 | ||
| |||||
| |||||
| |||||
GENERAL LEDGER | |||||
PURCHASES |
| ACCOUNT NUMBER: 605 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE |
March 1 | Balance Forward |
| $54,688.49 | ||
| |||||
| |||||
| |||||
ACCOUNTS PAYABLE SUBSIDIARY LEDGER | ||||||
ACCOUNT NO: 23 | BUD’S SOIL PREP | PO BOX 34 | TERMS: 2/10, NET 30 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE | |
| ||||||
| ||||||
| ||||||
| ||||||
ACCOUNT NO: 24 | OSTO FARMERS SUPPLY | 45 MAIN | TERMS: 2/10, NET 30 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE | |
| ||||||
| ||||||
| ||||||
| ||||||
ACCOUNT NO: 36 | WHALERS FERTILIZER | ROUTE 34 | TERMS: 2/10, NET 30 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE | |
| ||||||
| ||||||
| ||||||
| ||||||
ACCOUNT NO: 38 | IFM WHOLESALE | 587 LONGVIEW | TERMS: 2/10, NET 30 | |||
DATE | DESCRIPTION | POST REF | DEBIT | CREDIT | BALANCE | |
| ||||||
| ||||||
| ||||||
| ||||||
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.