plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March. Purchased $2,000 of merchandise from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/10, n/30. Pald rent for the month of Manrch. Issued Check 145 for $2,10o. Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. Purchased $2,400 of merchandise from Fuentes Co. on account, Involce 2178. Credit terms 1/15, n/30. Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11. Pald Involce 2177 to Sundance Furmiture. Issued check 147 for $1,940.40. Purchased $3,700 of merchandise (Induded $150 freight) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt. Purchased $210 of office supplies from Willow Inc. on account, Involce 2180. Credit terms 2/10, n/30. Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980. Pald Involce 2179 to Sky Divers Inc. Issued Check 149 for $3,700. Purchased $1,745 of merchandise from Sundance Fumiture on account, Involce 2181. Credit terms 2/10, n/30. dal chart of accounts Is as follows (assume Cash has an existing balance of $20,000): Cash Office Supplies Accounts Payable Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense ired: - Enter the transactions In purchase journal using the above information, as appropriate. PURCHASES JOURNAL Page 6 Invoice From Whom Purchases Debit/ ce No. Purchased Post. Ref. Accounts Payable Credit 2177 Sundance Furniture 2178 Fuentes Co. 13 2179 Sky Divers Inc. 27 2161 Sundance Furniture (501) (202)
plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March. Purchased $2,000 of merchandise from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/10, n/30. Pald rent for the month of Manrch. Issued Check 145 for $2,10o. Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. Purchased $2,400 of merchandise from Fuentes Co. on account, Involce 2178. Credit terms 1/15, n/30. Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11. Pald Involce 2177 to Sundance Furmiture. Issued check 147 for $1,940.40. Purchased $3,700 of merchandise (Induded $150 freight) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt. Purchased $210 of office supplies from Willow Inc. on account, Involce 2180. Credit terms 2/10, n/30. Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980. Pald Involce 2179 to Sky Divers Inc. Issued Check 149 for $3,700. Purchased $1,745 of merchandise from Sundance Fumiture on account, Involce 2181. Credit terms 2/10, n/30. dal chart of accounts Is as follows (assume Cash has an existing balance of $20,000): Cash Office Supplies Accounts Payable Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense ired: - Enter the transactions In purchase journal using the above information, as appropriate. PURCHASES JOURNAL Page 6 Invoice From Whom Purchases Debit/ ce No. Purchased Post. Ref. Accounts Payable Credit 2177 Sundance Furniture 2178 Fuentes Co. 13 2179 Sky Divers Inc. 27 2161 Sundance Furniture (501) (202)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning