Big Country Ski Shop is a retail store that sells ski equipment and clothing Big Country Ski Shop commenced business on September 1, 20X1 The firm purchases merchandise on open account The firms purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow DATE TRANSACTIONS 20X1 Sept 2 Purchased ski boots for $5,000 plus a freight charge of $270 from Colorado Ski Shop, Invoice 6672, terms n 30 3 Purchased skis for $10,600 from Alaska Supply Company, Invoice 5916 terms 3 10, n 30 7 Received Credit Memorandum 165 for $840 from Colorado Ski Shop for return of damaged ski boots the boots were originally purchased September 2 on Invoice 6672 11 Purchased ski jackets for $3,400 from Cold Mountain Clothing Company, Invoice 4091, terms n 30 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount 22 Purchased ski poles for $3,160 plus a freight charge of $200 from Alaska Supply Company, Invoice 5950 terms 3 10, n 30 23 Purchased ski pants for $1,650 from Swenson Ski Goods, Invoice 528, terms n 30 25 Received Credit Memorandum 245 for $240 from Swenson Ski Goods for return of defective ski pants the pants were originally purchased September 23 on Invoice 528 27 Purchased ski sweaters for $4,200 plus a freight charge of $180 from Colorado Ski Shop, Invoice 6722, terms n 30 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 GENERAL LEDGER ACCOUNTS 101 Cash, $24,000 Dr 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items Include ski boots as a clothing item

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Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 20X1. The

Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firms purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow:

DATE		TRANSACTIONS
20X1
Sept.	2	Purchased ski boots for $5,000 plus a freight charge of $270 from Colorado Ski Shop, Invoice 6672, terms n/30.
	3	Purchased skis for $10,600 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30.
	7	Received Credit Memorandum 165 for $840 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672.
	11	Purchased ski jackets for $3,400 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
	12	Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.
	22	Purchased ski poles for $3,160 plus a freight charge of $200 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30.
	23	Purchased ski pants for $1,650 from Swenson Ski Goods, Invoice 528, terms n/30.
	25	Received Credit Memorandum 245 for $240 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.
	27	Purchased ski sweaters for $4,200 plus a freight charge of $180 from Colorado Ski Shop, Invoice 6722, terms n/30.
	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.

GENERAL LEDGER ACCOUNTS


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

ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods

Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item.