Accounting for Purchases and Accounts Payable. Section 2: Accounts Payable. . Chapter. 8. Section Objectives. Post credit purchases from the purchases journal to the accounts payable subsidiary ledger.Record purchases returns and allowances in the general journal and post them to the accounts payable subsidiary ledger.Prepare a schedule of accounts payable.Compute the net delivered cost of purchases.Demonstrate a knowledge of the procedures for effective internal control of purchases..