Question
Annettes Photo Shop is a retail store that sells cameras and photography supplies. Annettes Photo Shop began operations April 1, 2019 and uses the periodic
Annettes Photo Shop is a retail store that sells cameras and photography supplies. Annettes Photo Shop began operations April 1, 2019 and uses the periodic system. The firm purchases its merchandise for cash and on open account. During April, Annettes Photo Shop engaged in the following transactions:
DATE | TRANSACTIONS | ||
2019 | |||
April | 1 | Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,030, terms n/30; freight of $24 prepaid by Camera & Film Products and added to the invoice (total amount due, $1,054). | |
3 | Purchased lenses on credit for $795 from Vision Supplies, Inc., Invoice 998, terms n/30. | ||
11 | Purchased DVD camcorders on credit for $4,400 from Optical Products, Invoice 4101, terms n/30. | ||
15 | Recorded various purchases of merchandise for cash from April 1 to April 15, $1,950. | ||
26 | Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $5,200, terms n/30; freight of $231 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $5,431). | ||
27 | Issued Check 102 for $525 to Vision Supplies, Inc., in partial payment of Invoice 998 dated April 3. | ||
30 | Recorded various purchases of merchandise for cash from April 16 to April 30, $2,420. | ||
30 | Issued Check 103 to Camera & Film Products in payment of the total amount due on Invoice 825 dated April 1. |
Required:
- Record the transactions in a general journal.
- Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
101 | Cash, $10,600 Dr. |
205 | Accounts Payable |
501 | Purchases |
502 | Freight In |
Analyze: What were the total cash payments on account during April?
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