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, 53,300, 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 lilly’s Toys, Invoice No. 375, $2,180, terms 2/10, n/30.

29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, 53,560, terms 1/10, n/30.

REQUIRED

1. Enter the transactions starting with page 16 of a general journal.

2. Post from die journal to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.