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CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows: The following transactions are related to cash payments for the month of May: May 1 Issued Check No. 326 in payment of May rent (Rent Expense), $2,600. 4 Issued Check No. 327 to Cortez Distributors in payment of merchandise purchased on account, $4,200, less a 3% discount. Check was written for $4,074. 7 Issued Check No. 328 to Indra & Velga in partial payment of merchandise purchased on account, $6,200. A cash discount was not allowed. 11 Issued Check No. 329 to Toy Corner for merchandise purchased on account, $4,600, less a 1% discount. Check was written for $4,554. 15 Issued Check No. 330 to County Power and Light (Utilities Expense), $1,500. 19 Issued Check No. 331 to Builders Warehouse for a cash purchase of merchandise, $3,500. 25 Issued Check No. 332 to Troutman Outlet for merchandise purchased on account, $4,400, less a 2% discount. Check was written for $4,312. May 30 Issued Check No. 333 to Rapid Transit Company for freight charges on merchandise purchased (Freight-In), $800. 31 Issued Check No. 334 to City Merchants for a cash purchase of merchandise, $2,350. Required 1. Enter the transactions starting with page 9 of a general journal. 2. Post from the general journal to the general ledger and the accounts payable ledger. Use general ledger account numbers as shown in the chapter.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 11, Problem 10SPB
Textbook Problem

CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows:

Chapter 11, Problem 10SPB, CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a

The following transactions are related to cash payments for the month of May:

May 1    Issued Check No. 326 in payment of May rent (Rent Expense), $2,600.

4    Issued Check No. 327 to Cortez Distributors in payment of merchandise purchased on account, $4,200, less a 3% discount. Check was written for $4,074.

7    Issued Check No. 328 to Indra & Velga in partial payment of merchandise purchased on account, $6,200. A cash discount was not allowed.

11    Issued Check No. 329 to Toy Corner for merchandise purchased on account, $4,600, less a 1% discount. Check was written for $4,554.

15    Issued Check No. 330 to County Power and Light (Utilities Expense), $1,500.

19    Issued Check No. 331 to Builders Warehouse for a cash purchase of merchandise, $3,500.

25    Issued Check No. 332 to Troutman Outlet for merchandise purchased on account, $4,400, less a 2% discount. Check was written for $4,312.

May 30    Issued Check No. 333 to Rapid Transit Company for freight charges on merchandise purchased (Freight-In), $800.

31    Issued Check No. 334 to City Merchants for a cash purchase of merchandise, $2,350.

Required

  1. 1. Enter the transactions starting with page 9 of a general journal.
  2. 2. Post from the general journal to the general ledger and the accounts payable ledger. Use general ledger account numbers as shown in the chapter.

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Chapter 11 Solutions

College Accounting, Chapters 1-27
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