Purchases and Cash Payments Transactions Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $20,900 on July 1. The following transactions occurred during July: July 1   Issued Check No. 414 in payment of July rent, $2,400. 1   Purchased merchandise on account from Tilly's Toys, Invoice No. 311, $3,000, terms 2/10, n/30. 3   Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,600, terms 1/10, n/30. 5   Returned merchandise purchased from Tilly's Toys, receiving a credit memo on the amount owed, $600. 8   Purchased merchandise on account from Donna's Dolls, Invoice No. 139, $2,940, terms 2/10, n/30. 11   Issued Check No. 415 to Tilly's Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13   Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount. 15   Returned merchandise purchased from Donna's Dolls, receiving a credit memo on the amount owed, $450. 18   Issued Check No. 417 to Donna's Dolls for merchandise purchased on account, less return of July 15 and less 2% discount. 25   Purchased merchandise on account from Applied Business, Invoice No. 489, $2,740, terms n/30. 26   Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,180, terms 2/10, n/30. 29   Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,520, terms 1/10, n/30. Required: 1. Enter the transactions starting with page 16 of a general journal. Enter the posting references when you complete part 2.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Purchases and Cash Payments Transactions

Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $20,900 on July 1. The following transactions occurred during July:

July 1   Issued Check No. 414 in payment of July rent, $2,400.
1   Purchased merchandise on account from Tilly's Toys, Invoice No. 311, $3,000, terms 2/10, n/30.
3   Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,600, terms 1/10, n/30.
5   Returned merchandise purchased from Tilly's Toys, receiving a credit memo on the amount owed, $600.
8   Purchased merchandise on account from Donna's Dolls, Invoice No. 139, $2,940, terms 2/10, n/30.
11   Issued Check No. 415 to Tilly's Toys for merchandise purchased on account, less return of July 5 and less 2% discount.
13   Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount.
15   Returned merchandise purchased from Donna's Dolls, receiving a credit memo on the amount owed, $450.
18   Issued Check No. 417 to Donna's Dolls for merchandise purchased on account, less return of July 15 and less 2% discount.
25   Purchased merchandise on account from Applied Business, Invoice No. 489, $2,740, terms n/30.
26   Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,180, terms 2/10, n/30.
29   Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,520, terms 1/10, n/30.

Required:

1. Enter the transactions starting with page 16 of a general journal. Enter the posting references when you complete part 2.

 

GENERAL JOURNAL
PAGE 16
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Jul. 1
Check No. 414
Jul. 1
/V
Invoice No. 311
Jul. 3
/V
Invoice No. 812
Jul. 5
/V
Returned merchandise
Jul. 8
/V
Invoice No. 139
Jul. 11
/V
Check No. 415
Jul. 13
Check No. 416
Jul. 15
/V
Returned merchandise
GENERAL JOURNAL
PAGE 17
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Jul. 18
/V
Check No. 417
Jul. 25
Invoice No. 489
Jul. 26
/V
Invoice No. 375
Jul. 29
Invoice No. 883
2. Post from the journal to the general ledger and accounts payable ledger accounts.
GENERAL LEDGER
ACCOUNT
Cash
ACCOUNT No.
101
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Jul. 1
Balance
20,900.00
Accounting numeric field
II I| || || || | || |
II II || || || || ||| |
Transcribed Image Text:GENERAL JOURNAL PAGE 16 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 1 Check No. 414 Jul. 1 /V Invoice No. 311 Jul. 3 /V Invoice No. 812 Jul. 5 /V Returned merchandise Jul. 8 /V Invoice No. 139 Jul. 11 /V Check No. 415 Jul. 13 Check No. 416 Jul. 15 /V Returned merchandise GENERAL JOURNAL PAGE 17 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 18 /V Check No. 417 Jul. 25 Invoice No. 489 Jul. 26 /V Invoice No. 375 Jul. 29 Invoice No. 883 2. Post from the journal to the general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT Cash ACCOUNT No. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 20,900.00 Accounting numeric field II I| || || || | || | II II || || || || ||| |
ACCOUNT
Accounts Payable
ACCOUNT NO.
202
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
dropdown
ACCOUNT
Purchases
ACCOUNT NO.
501
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Transcribed Image Text:ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- dropdown ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20--
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education