Recording and Posting Purchases Shutterbug Cameras, a retail merchandising business, had

Recording and Posting Purchases

Shutterbug Cameras, a retail merchandising business, had the following purchases on account for the month of July. In the working papers, the beginning balances in the accounts are opened for you.

Instructions In your working papers:

1. Record July’s transactions on page 18 of the purchases journal.

2. Post to the accounts payable subsidiary ledger accounts daily.

3. Post amounts entered in the General Debit column daily.

4. Foot, prove, total, and rule the purchases journal at the end of the month.

5. Post the column totals at the end of the month to the account named in the column heading.

6. Prepare a schedule of accounts payable.

Explain what problems would occur if the transaction of July 23 (Photo Emporium) was posted to the accounts payable subsidiary ledger as $60.