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  3. part 1: 1. record the purchases of goods on acc

Part 1: 1. Record the purchases of goods on account in the...

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Accounting

Part 1:
1. Record the purchases of goods on account in the three-column purchases journal.
2.Record the sales of merchandise on account in a sales journal.
3.Post the entries from the purchases journal and the sales journal to the individual accounts in the accounts payable and accounts receivable subsidiary ledgers. Use the following account numbers:
Accounts Receivable 111
Accounts Payable 205
Sales Tax Payable 231
Sales 401
Purchases 501
Freight In 502
All customers have n30/
credit terms.
Part 2:
4. Total and prove the journals as of January 31.
5. Post the column totals from the special journals to the proper general ledger accounts.
6.Prepare a schedule of accounts payable for January 31.
7.Prepare a schedule of accounts receivable for January
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