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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, 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 firms purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:

DATE TRANSACTIONS
2019
Sept. 2

Purchased ski boots for $4,800 plus a freight charge of $290 from Colorado Ski Shop, Invoice 6672, terms n/30.

3

Purchased skis for $10,400 from Alaska Supply Company, Invoice 5916; terms 1/10, n/30.

7

Received 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.

11

Purchased ski jackets for $3,200 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 $2,960 plus a freight charge of $210 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.

23

Purchased ski pants for $1,450 from Swenson Ski Goods, Invoice 528, terms n/30.

25

Received 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.

27

Purchased ski sweaters for $4,400 plus a freight charge of $190 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:

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

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.

ACCOUNTS PAYABLE LEDGER ACCOUNTS Complete this question by entering your answers in the tabs below.

General Ledgers

AP Ledgers

Schedule of AP

Analyze

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

Cash Account No: 101 Accounts Payable Account No: 201
Date Debit Credit Balance Date Debit Credit Balance
Sept 1, 2019
Purchases Account No: 501 Freight In Account No: 502
Date Debit Credit Balance Date Debit Credit Balance
Purchases Returns and Allowances Account No: 503 Purchases Discounts Account No: 504
Date Debit Credit Balance Date Debit Credit Balance

General Ledgers

Complete this question by entering your answers in the tabs below.

General Ledgers

AP Ledgers

Schedule of AP

Analyze

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

Alaska Supply Company Terms: 3/10, n/30 Cold Mountain Clothing Company Terms: n/30
Date Debit Credit Balance Date Debit Credit Balance
Colorado Ski Shop Terms: n/30 Swenson Ski Goods Terms: n/30
Date Debit Credit Balance Date Debit Credit Balance

General Ledgers

Schedule of AP

schedule.

BIG COUNTRY SKI SHOP
Schedule of Accounts Payable
September 30, 2019
Alaska Supply Company
Cold Mountain Clothing Company
Colorado Ski Shop
Swenson Ski Goods
Total

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.

Portion of clothing items purchased

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