Question
Camera King is a retail store that sells cameras and photography supplies. The firms credit purchases and purchases returns and allowances transactions for June 20X1
Camera King is a retail store that sells cameras and photography supplies. The firms credit purchases and purchases returns and allowances transactions for June 20X1 appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June. GENERAL LEDGER ACCOUNTS 205 Accounts payable, $15,154 Credit 501 Purchases 502 Freight In 503 Purchases returns and allowances DATE TRANSACTIONS June 1 Purchased digital cameras for $3,500 plus a freight charge of $295 from American Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. June 8 Purchased film for $1,389 from Fox Suppliers, Invoice 1102, dated June 3, net payable in 45 days. June 12 Purchased lenses for $985
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