Homework Help is Here – Start Your Trial Now!
Business
Accounting
High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. Purchased ski sweaters for $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. September 30, 20x1 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.

High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. Purchased ski sweaters for $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. September 30, 20x1 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1CP
See similar textbooks
icon
Related questions
Topic Video
Question

GENERAL LEDGER ACCOUNTS

101 Cash, $24,000 Debit
201 Accounts Payable
501 Purchases
502 Freight In
503 Purchases Returns and Allowances
504 Purchases Discounts

Post the transactions to the appropriate accounts in the general ledger.

High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 September 30, 20X1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. Purchased ski sweaters for $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.
Transcribed Image Text:High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 September 30, 20X1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. Purchased ski sweaters for $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.
Post the transactions to the appropriate accounts in the general ledger. Date September 1, 20X1 Cash Purchases Date Date Debit Debit Purchases Returns and Allowances Debit Account Number 101 Credit Balance Account Number 501 Credit Balance Account Number 503 Credit Balance Accounts Payable Date Date Freight In Date Debit Debit Purchases Discounts Debit Account Number 201 Balance Credit Account Number 502 Credit Balance Account Number 504 Credit Balance
Transcribed Image Text:Post the transactions to the appropriate accounts in the general ledger. Date September 1, 20X1 Cash Purchases Date Date Debit Debit Purchases Returns and Allowances Debit Account Number 101 Credit Balance Account Number 501 Credit Balance Account Number 503 Credit Balance Accounts Payable Date Date Freight In Date Debit Debit Purchases Discounts Debit Account Number 201 Balance Credit Account Number 502 Credit Balance Account Number 504 Credit Balance
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
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
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS