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PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $21,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 414 in payment of July rent, $2,500. 1 Purchased merchandise on account from Tilly’s Toys, Invoice No. 311, $2,800, terms 2/10, n/30. 3 Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,300, terms 1/10, n/30. 5 Returned merchandise purchased from Tilly’s Toys, receiving a credit memo on the amount owed, $300. 8 Purchased merchandise on account from Donna’s Dolls, Invoice No. 139, $2,900, 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, $350. 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, $2,650, 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, $3,560, terms 1/10, n/30. Required 1. Enter the transactions starting with page 16 of a general journal. 2. Post from the journal to the general ledger and accounts payable ledger accounts. 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 11SPA
Textbook Problem

PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $21,000 on July 1. The following transactions occurred during July:

July 1    Issued Check No. 414 in payment of July rent, $2,500.

1    Purchased merchandise on account from Tilly’s Toys, Invoice No. 311, $2,800, terms 2/10, n/30.

3    Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,300, terms 1/10, n/30.

5    Returned merchandise purchased from Tilly’s Toys, receiving a credit memo on the amount owed, $300.

8    Purchased merchandise on account from Donna’s Dolls, Invoice No. 139, $2,900, 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, $350.

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, $2,650, 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, $3,560, terms 1/10, n/30.

Required

  1. 1. Enter the transactions starting with page 16 of a general journal.
  2. 2. Post from the journal to the general ledger and accounts payable ledger accounts. 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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