Question

Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.: Accounts Payable (control account) $ 9,600 Accounts Payable—Evans Enterprises 2,600 Accounts Payable—Stamos Distributors 4,100 Accounts Payable—Tonetta Company 2,900 GENERAL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 2019 Jan. 8 Accounts Payable/Stamos Distributors 400 Cash 400 Made partial payment on account, Check 1240 10 Accounts Payable/Evans Enterprises 300 Purchases Returns and Allowances 300 Received Credit Memorandum 123 as allowance for discolored merchandise Use the final balances of the vendor accounts to prepare a schedule of accounts to payable for Bioplast Jewelry, Inc., as of January 31, 2019. Does the total of your accounts payable schedule agree with the balance of the accounts payable account in the general ledger at January 31, 2019?

Answer 1

Answer:

Explanation:

The preparation of the schedule of accounts to payable for Bioplast Jewelry, Inc., as of January 31, 2019 is shown below:

                            Schedule of Accounts payable

Evans Enterprises           $2,300          ($2,600 - $300)

Stamos Distributors        $3,700          ($4,100 - $400)

Tonetta Company          $2,900

Total                                $8,900    

Yes, the total of accounts payable agrees and equal to the balance of the accounts payable account as each account payable is closed to the account payable control account