Store owner makes a $80.00 purchase, goods for resale, and uses check $143. Using Specialized journals, general ledger and subsidiary account, what is the correct posting please.

To accurately post the purchase and payment using specialized journals, general ledger, and subsidiary accounts, you will need to follow a series of steps. Here's a step-by-step guide:

Step 1: Create a specialized journal for purchases: This journal will record all purchases made by the store owner for goods to be resold.

Step 2: Record the purchase in the purchases journal: In this case, the store owner made a $80.00 purchase for goods. You would record this transaction in the purchases journal by debiting the Purchases account (an expense account) and crediting the Accounts Payable account (a liability account). The amount to be debited would be $80.00.

Step 3: Update the general ledger: Transfer the entries from the purchases journal to the general ledger. Debit the Purchases account and credit the Accounts Payable account.

Step 4: Create a subsidiary ledger for accounts payable: This ledger will track all the transactions related to the accounts payable account.

Step 5: Update the subsidiary account for accounts payable: Record the purchase in the accounts payable subsidiary account by debiting the accounts payable account and crediting the purchases account.

Step 6: Record the payment: Now, record the payment made by the store owner using a check for $143.00. Debit the Accounts Payable account in the purchases journal and credit the Cash account (in the cash payments journal).

Step 7: Update the general ledger: Transfer the entries from the purchases journal to the general ledger. Debit the Accounts Payable account and credit the Cash account.

Step 8: Update the subsidiary account for accounts payable: In the accounts payable subsidiary account, debit the cash account and credit the accounts payable account.

By following these steps, you will accurately post the purchase and payment using specialized journals, general ledger, and subsidiary accounts.