The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account:Colonial Inc

The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account:



NAME Colonial Inc.
ADDRESS 5000 Grand Ave.
Date Item
Post.
Ref. Debit Credit Balance
Jan. 1 Balance 92
11 Invoice 122 CP71 64 28
26 Invoice 139 P55 72 100

Describe each transaction and the source of each posting.


Answer:
Jan. 11. Paid $64 to Colonial Inc. on account (Invoice No. 122). Amount posted from page 71 of the cash payments journal.

26. Made purchases of $72 on account from Colonial Inc. (Invoice No. 139). Amount posted from page 55 of the purchases journal.