At the End of February 2016 and Before the Purchases

question 6

Essay

At the end of February 2016 and before the purchases journal was posted,selected general ledger account balances for Volter Repair Services were as follows (each account had a normal balance): The purchases journal had the following totals: Purchases,$28,000;Freight In,$1,000;Accounts Payable,$29,000.
Calculate the ending balance of each of the three accounts after the posting from the purchases journal.Indicate whether each balance is a debit or credit.

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Definitions:

Baseballs

Spherical balls used in the game of baseball, crafted from cork and rubber, and covered with stitched leather.

Bananas

A type of edible fruit that is elongated and curved, with soft flesh rich in starch covered by a rind, which may be green, yellow, or brown when ripe.

True Value

The actual, inherent worth of an asset, commodity, or transaction, as opposed to its market price or cost of production.

Retail Price

The price at which goods or services are sold to the end consumer, typically higher than the wholesale price to cover business costs and generate profit.