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 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.
|
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.
|
General Ledgers
Schedule of AP
schedule.
|
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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