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CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on
CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows: General Ledger Cash $40,000 Accounts Payable 20,000 Accounts Payable Ledger Cortez Distributors $ 4,200 Indra & Velga 6,800 Toy Corner 4,600 Troutman Outlet 4,400 The following transactions are related to cash payments for the month of May: May 1 Issued Check No. 326 in payment of May rent (Rent Expense), $2,600. 4 Issued Check No. 327 to Cortez Distributors in payment of merchandise purchased on account, $4,200, less a 3% discount. Check was written for $4,074. 7 Issued Check No. 328 to Indra & Velga in partial payment of merchan- dise purchased on account, $6,200. A cash discount was not allowed. 11 Issued Check No. 329 to Toy Corner for merchandise purchased on account, $4,600, less a 1% discount. Check was written for $4,554. 15 Issued Check No. 330 to County Power and Light (Utilities Expense), $1,500. 19 Issued Check No. 331 to Builders Warehouse for a cash purchase of merchandise, $3,500. 25 Issued Check No. 332 to Troutman Outlet for merchandise purchased on account, $4,400, less a 2% discount. Check was written for $4,312. May 30 Issued Check No. 333 to Rapid Transit Company for freight charges on merchandise purchased (Freight-In), $800. 31 Issued Check No. 334 to City Merchants for a cash purchase of mer- chandise, $2,350. REQUIRED 1. Enter the transactions starting with page 9 of a general journal. 2. Post from the general journal to the general ledger and the accounts payable ledger. Use general ledger account numbers as shown in the chapter
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