what information would you want to capture in a database about the transactions?
Acquisition/payment transactions. As of January 31, 2005, the accounts payable subsidiary ledger of ABL Corporation revealed the following information:
| Vendor Name Invoice Number Invoice Date Invoice Amount Terms |
| FNA Corp. 5525 1/6/2005 $1,700 2/15, n/30
FRS Corp. 6217 1/15/2005 1,840 3/15, n/60 CNF Corp. 457 1/18/2005 1,350 2/10, n/30 APR Corp. 8071 1/22/2005 550 2/10, n/30 CRL Corp. 4687 1/29/2005 360 2/10, n/30 |
ABL uses a perpetual inventory system; purchases are debited to Inventory and credited
to Accounts Payable. The terms shown in the table on the previous page apply to
all purchases from a given vendor. During the month of February 2005, ABL completed
the following transactions related to its acquisition/payment cycle:
| Date Transaction |
| 1 Purchased equipment for use in the business from FRP Corporation. List price, $10,000. 30%
cash down payment, with the remainder on a 3-month, 12% note. 2 Purchased inventory on account from CNF Corporation, $1,500. 3 Paid amount due to CRL Corporation. 11 Purchased supplies on account from FNA Corporation, $700. 13 Paid amount due to CNF Corporation. 17 Purchased supplies on account from FNA Corporation, $500. 20 Paid total amount due to FNA Corporation. 21 Paid half the amount due to FRS Corporation. 24 Returned unused materials to APR Corporation, $100. The materials were part of Invoice 8071. 28 Accrued one month’s interest on note payable to FRP Corporation. |
a. Record the preceding transactions in general journal format.
b. In addition to that provided by the journal entries, what information would you want to capture
in a database about the transactions?
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