Recording Purchases on Account

Record the journal entry when goods or services are purchased on credit from a vendor.

Payment of Accounts Payable

Record full and partial payments to vendors and calculate the remaining balance.

Purchase Discounts

Calculate and record purchase discounts — determine if the discount period has passed.

Purchase Returns and Allowances

Record returns of defective or unwanted goods back to the vendor using a debit memo.

Accounts Payable T-Account

Post AP transactions to the T-account and calculate the ending credit balance.

Accounts Payable Subsidiary Ledger

Maintain individual vendor balances and reconcile to the AP control account.

Aging of Accounts Payable

Classify outstanding invoices by age and prepare the AP aging schedule.

3-Way Match

Compare PO, receiving report, and vendor invoice — identify discrepancies and compute amounts.

AP Process Flow

Identify process violations and calculate the financial impact of skipped controls.

Internal Control Analysis

Spot missing AP controls in a scenario and estimate the total financial exposure.

Full AP Cycle

Process the complete AP cycle from purchase through payment with discounts and returns.

Mixed Problems

Combined AP scenarios requiring multiple concepts in one problem.