Accounting Question

Learning Goal: I’m working on a accounting project and need support to help me learn.

The Thomas Family has been growing various varieties of heirloom tomatoes in its green houses near Fargo North Dakota. During the summer months, the family sells their tomatoes at farmers markets around the area under the name of Thomas’ Tomatoes. Thomas has 24 full-time employees and hires 150 to 200 seasonal workers for the harvest.

For the past few summers, you have sold tomatoes at farmers’ markets within a 20-mile radius of the Thomas family farm. When you graduated, you were hired as the full-time accountant/office manager. Until now, Thomas’ Tomatoes, or TT for short, kept most of its accounting records in a big file box. Tom Thomas Jr., the owner, would like a more organized approach to the farm’s accounting records. He has asked you to establish a proper set of books. You decide to start by establishing appropriate journals and ledgers for these transactions.

Presented below are a set of vendor invoices and a few partially completed journals and ledgers. Your job is to record these transactions and update the appropriate ledgers. Be sure to leave a proper audit trail. Use Excel to complete this problem. Be sure to use cell links/references and formulas in Excel so that your worksheet(s) can be used in future months. Include account balances for the end of the month. Submit your Excel workbook here by the due date. Include your name and REDID as the heading for the worksheet(s) of your Excel workbook.

Here is the list of vendor invoices for the month of May.

Vendor Invoices
Date Supplier Invoice Supplier Name Supplier Address Amount
6-May TT45 Bud’s Soil Prep PO Box 34 $192.45
10-May 14568 Osto Farmers Supply 45 Main $527.42
13-May 893 Whalleys Fertilizer Route 34 $1,980.00
13-May 14699 Osto Farmers Supply 45 Main $1,274.20
20-May 10102 IFM Wholesale 587 Longview $2,110.00
24-May 10145 IFM Wholesale 587 Longview $673.99

The following are the journals and general ledger and subsidiary ledger accounts required to complete this activity.

Purchases Journal
Date Supplier Supplier Invoice Account Number Post Ref Amount

General Ledger

Accounts Payable: Account Number 300
Date Description Post Ref Debit Credit Balance
1-May Balance Forward $18,755.53
Purchases: Account Number 605
Date Description Post Ref Debit Credit Balance
1-May Balance Forward $54,688.49

Vendor Subsidiary Ledgers (Subledgers)

Account No: 23 Bud’s Soil Prep PO Box 34 Terms: 2/10, Net 30
Date Description Debit Credit Balance
1-May Balance Forward 1100.05
Account No: 24 Osto Farmers Supply 45 Main Terms: 2/10, Net 30
Date Description Debit Credit Balance
1-May Balance Forward 0
Account No: 36 Whalers Fertilizer Route 34 Terms: 2/10, Net 30
Date Description Debit Credit Balance
1-May Balance Forward 0
Account No: 38 IFM Wholesale 587 Longview Terms: 2/10, Net 30
Date Description Debit Credit Balance
1-May Balance Forward 0
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