At the End of February 2019 and Before the Purchases $\begin{array}{l|l}\text { Accounts Payable } &{\$ 10,000} \\\hline \text { Purchases } & 26,000 \\\hline \text { Freight In } & 300\end{array}$

question 30

Short Answer

At the end of February 2019 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):
$\begin{array}{l|l}\text { Accounts Payable } &{\$ 10,000} \\\hline \text { Purchases } & 26,000 \\\hline \text { Freight In } & 300\end{array}$
The purchases journal had the following totals: Purchases, $31,200; Freight In, $2,850; Accounts Payable, $34,050.
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:

Cotenancy

A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.

Trade Fixture

is an item that a tenant attaches to a leased space or building for the purpose of conducting business, which can be removed when the lease ends.

Conversion

In legal terms, conversion is an act of unauthorized control or possession of someone else's property that interferes with their rights.

Real Estate

Holdings that encompass land, any buildings situated on that land, and all natural resources associated with it.