Acquisition/payment transactions.As of 30 April 2011, PLR Corporation’s accounts payable subsidiary ledger included the following information:
Vendor | Invoice Number | Invoice Date | Invoice Amount | Terms |
HRP Corp. | 1398 | 15 April 2011 | $12,890 | n/30 |
VLD Corp. | 432 | 10 April 2011 | $ 5,780 | 2/10, n/30 |
RGN Corp. | 848 | 21 April 2011 | $ 4,500 | 1/15, n/45 |
PLR completed the following transactions in May 2011:
Date | Transaction |
1 | Paid half the amount due to HRP Corp. |
3 | Purchased inventory on account form VLD Corp., $1,220. |
6 | Paid the amount due to RGN Corp. |
12 | Purchased inventory on account form HRP Corp., $3,555 |
14 | Paid the total amount due to HRP Corp. |
18 | Purchased supplies on account from QOC Corp., $600. Terms: 2/10, n/30. |
21 | Issued a check to VLD Corp. in payment of Invoice 432, including the applicable discount. |
24 | Purchased inventory on account form RGN Corp., $1,500. |
25 | Paid the total amount due to RGN Corp. |
27 | Purchased factory equipment, $20,000. Paid 20% down and financed the rest with a 6-month, 12% note payable. |
a . Record the May transactions in general journal format.
b .Prepare a schedule of accounts payable as of 31 May 2011.
c. Beyond the information in the journal entries, what information about the transactions would you include in a relational database?
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