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PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued Check No. 317 to Downtown Merchants for merchandise purchased on account, less return of July 15 and less 2% discount. 25 Purchased merchandise on account from Columbia Products, Invoice No. 468, $3,200, terms n/30. 26 Purchased merchandise on account from Topper’s Toys, Invoice No. 395, $1,430, terms 2/10, n/30. 29 Purchased merchandise on account from Jones & Company, Invoice No. 853, $2,970, 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 11SPB
Textbook Problem

PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:

July 1    Issued Check No. 314 for July rent, $1,400.

1    Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30.

3    Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30.

5    Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400.

8    Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30.

11    Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.

13    Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount.

15    Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600.

18    Issued Check No. 317 to Downtown Merchants for merchandise purchased on account, less return of July 15 and less 2% discount.

25    Purchased merchandise on account from Columbia Products, Invoice No. 468, $3,200, terms n/30.

26    Purchased merchandise on account from Topper’s Toys, Invoice No. 395, $1,430, terms 2/10, n/30.

29    Purchased merchandise on account from Jones & Company, Invoice No. 853, $2,970, 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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