Question
Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The
Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:
DATETRANSACTIONS2019Sept.2Purchased ski boots for $4,800 plus a freight charge of $290 from Colorado Ski Shop, Invoice 6672, terms n/30.
3Purchased skis for $10,400 from Alaska Supply Company, Invoice 5916; terms 1/10, n/30.
7Received Credit Memorandum 165 for $820 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672.
11Purchased ski jackets for $3,200 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
12Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.
22Purchased ski poles for $2,960 plus a freight charge of $210 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.
23Purchased ski pants for $1,450 from Swenson Ski Goods, Invoice 528, terms n/30.
25Received Credit Memorandum 245 for $220 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.
27Purchased ski sweaters for $4,400 plus a freight charge of $190 from Colorado Ski Shop, Invoice 6722, terms n/30.
30Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.
Required:
- Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balance of Cash as of September 1, 2019.
- Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger.
- Prepare a schedule of accounts payable.
GENERAL LEDGER ACCOUNTS
101Cash, $24,000 Dr.201Accounts Payable501Purchases502Freight In503Purchases Returns and Allowances504Purchases Discounts
ACCOUNTS PAYABLE LEDGER ACCOUNTS
Alaska Supply Company
Cold Mountain Clothing Company
Colorado Ski Shop
Swenson Ski Goods
How do you answer it in General Ledgers, AP Ledgers, Schedule of AP and Analyze?
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