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Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 2019
Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 2019 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, $13,554 Cr. 501 Purchases 502 Freight In 503 Purchases Returns and Allowances DATE TRANSACTIONS June 1 Purchased instant cameras for $1,880 plus a freight charge of $145 from Pro Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. 8 Purchased film for $1,377 from Photo Supplies, Invoice 1102, dated June 3, net payable in 45 days. 12 Purchased lenses for $899 from Nano Glass, Invoice 7282, dated June 9; the terms are 1/10, n/6e. 18 Received Credit Memorandum 110 for $315 from Pro Photo Equipment for defective cameras that were returned; they were originally purchased on Invoice 4241, dated May 27. Purchased color film for $1,030 plus freight of $58 from Photo Supplies, Invoice 1148, dated June 15, net payable in 45 days. 23 Purchased camera cases for $1,939 from Hi-Qual Case, Invoice 3188, dated June 18, net due and payable in 45 days. 28 Purchased lens filters for $2,300 plus freight of $103 from Holtz Spectrum, Invoice 5027, dated June 24; the terms are 2/10, n/30. 30 Received Credit Memorandum 1108 for $225 from Hi-Qual Case; the amount is an allowance for damaged but usable goods purchased on Invoice 3108, dated June 18. Required: 1. Open the general ledger accounts and enter the balance of Accounts Payable for June 1, 2019. 2. Record the transactions in a three-column purchases journal and in a general journal. 1. Open the general ledger accounts and enter the balance of Accounts Payable for June 1, 2019. 2. Record the transactions in a three-column purchases journal and in a general journal. 3. Post entries from the general journal to the general ledger accounts. 4. Total and rule the purchases journal as of June 30. 5. Post the column totals from the purchases journal to the proper general ledger accounts. 6. Compute the net purchases of the firm for the month of June. Analyze: What total purchases were posted to the Purchases general ledger account for June? Complete this question by entering your answer in the tabs below. Ledgers Purchases Journal General Journal Analyze Post the opening balances and transactions into the appropriate ledger accounts. Accounts Payable Date Debit June 1, 2019 Account No. 205 Credit Balance Purchases Date Debit Account No. 501 Credit Balance Freight in Debit Account No. 502 Credit Balance Purchases Returns and Allowances Date Debit Account No. 503 Credit Balance Date Ledgers Purchases Journal General Journal Analyze Prepare a three-column purchase journal to record the above transactions for 2019. PURCHASES JOURNAL Date Purchased From Invoice Number Date of Invoice Terms Accounts Payable Credit Purchases Debit Freight in Debit June 30, 2019 Totals 0 $ 0 $ 0 Ledgers Purchases Journal General Journal Analyze Record transactions in the general journal. View transaction list Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Ledgers Purchases Journal General Journal Analyze Record transactions in the general journal. View transaction list Journal entry worksheet 2 Record the second entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal ccounts and enter the balance of Accounts Payable for June 1, 2019 2. Record the transactions in a three-column purchases journal and in a general journal. 3. Post entries from the general journal to the general ledger accounts. 4. Total and rule the purchases journal as of June 30. 5. Post the column totals from the purchases journal to the proper general ledger accounts. 6. Compute the net purchases of the firm for the month of June. Analyze: Vhat total purchases were posted to the Purchases general ledger account for June? Complete this question by entering your answer in the tabs below. Ledgers Purchases Journal General Journal Analyze What total purchases were posted to the Purchases general ledger account for June? Compute the net purchases of the firm for the month of June. Total purchases Net purchases Ledgers Purchases Journal General Journal Analyze Record transactions in the general journal. View transaction list Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Ledgers Purchases Journal General Journal Analyze Record transactions in the general journal. View transaction list Journal entry worksheet 2 Record the second entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal ccounts and enter the balance of Accounts Payable for June 1, 2019 2. Record the transactions in a three-column purchases journal and in a general journal. 3. Post entries from the general journal to the general ledger accounts. 4. Total and rule the purchases journal as of June 30. 5. Post the column totals from the purchases journal to the proper general ledger accounts. 6. Compute the net purchases of the firm for the month of June. Analyze: Vhat total purchases were posted to the Purchases general ledger account for June? Complete this question by entering your answer in the tabs below. Ledgers Purchases Journal General Journal Analyze What total purchases were posted to the Purchases general ledger account for June? Compute the net purchases of the firm for the month of June. Total purchases Net purchases
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