Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May.

a. Use the purchases journal and the cash disbursements journal to record these transactions.
b. Prepare a schedule of accounts payable as of May 7. There was no accounts payable on May 1.

Question

Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May.
 
a. Use the purchases journal and the cash disbursements journal to record these transactions.
b. Prepare a schedule of accounts payable as of May 7. There was no accounts payable on May 1.

Quizplus · Accepted Answer

The Answer of Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May.
 
a. Use the purchases journal and the cash disbursements journal to record these transactions.
b. Prepare a schedule of accounts payable as of May 7. There was no accounts payable on May 1.

Williams Company Began Business on May 1