Instructions:

You will need to read the scenario provided along with the transactions that will be needed. You will then complete the journal transactions, populate the general ledgers, complete the accounts payable subledger and the schedule of account payables.

$1.$ Journalize the transactions provided below.

$2.$ Enter the beginning balances to each of the accounts provided below.

$3.$ Post all genral journal transactions to the repesctive general ledger accounts.

$4.$ Post the AP Subledger.

$5.$ Prepare the Schedule of AP$.$

General ledger account balances as of June $30,20--$

Account Title Account No$.$ General Ledger Balance on June $30$

Cash $101$ $$18,200\mathrm{.}00$

Accounts Payable $202$ $$1,434\mathrm{.}00$

Purchases $501$ $$26,982\mathrm{.}00$

Purchases, Returns and Allowances $501\mathrm{.}1$ $$624\mathrm{.}00$

Purchase Discounts $501\mathrm{.}2$ $$336\mathrm{.}86$

Rent Expense $521$ $$6,000\mathrm{.}00$

Accounts Payable Account Balances as of July $1$

Vendor Address Account Balance

Victory Medical Supplies $6300$ Washington Blvd$.$ $$1,500\mathrm{.}00$

Harlingen, TX $78550$

Keller Drug Co$.4220$ Cardinal Dr$.$ $$1,250\mathrm{.}00$

Brownsville, TX $78520$

Salamone Co$.9421$ Palm Blvd$.$ $$850\mathrm{.}00$

Brownsville, TX $78520$

Twin Drugs Co$.6612$ South E$.$ St $$425\mathrm{.}00$

Harlingen, TX $78550$

Philemon Pharmaceuticals $315$ Lincoln Ave. $$1,620\mathrm{.}00$

McAllen TX $78504$

American Drug Supply $11742$ Freddy Gonzalez Dr$.$ $$340\mathrm{.}00$

Transactions:

June $1.$ Purchased merchandise from Salamone Co$.$ on account $534\mathrm{.}20.$ Invoice No $81.$ Dated July $1,$ terms $2/10,$ n$/30.$

June $2.$ Issued Check No$.635$ for payment of July rent, $$1000.$

June $5$ Purchased merchandise from American Drug Supply on account, $1025,$ Invoice No$.176$ dated July $2,$ terms $1/15,$ n$/30$

June $7$ Purchased merchandise from Keller Drug Co$.$ On account, $$762\mathrm{.}45,$ Invoice No$.815$ dated June $5,$ terms, $3/10$ eom, n$/30$

June $9,$ Issued a check No $636$ to Salamone Co$.$ Invoice No $81.$ less $2\%$ discount.

June $12$ Received a credit memo from American Drug Supply for merchandise returned that was purchased on June $5,$ $$76\mathrm{.}20$

June $14,$ Purchased merchandise from Twin Drugs Co$.$ on account, $$879\mathrm{.}40$ Invoice No$.$ Invoice No$.635$ dated June $14,$ terms $2/10,$ n$/30$

June $15,$ Received a credit memo from Keller Drug Co$.$ for merchandise returned that was purchased on June $7,$ $$93\mathrm{.}35$

June $16$ Issued a check No $637$ to American Drug Supply in payment of Invoice No$.176$ less the credit memo of June $12,$ less $1\%$ discount.

June $23,$ Issued a Check No$.638$ to Twin Drugs Co in payment of Invoice $635$ less $2\%$ discount

June $27,$ Purchased merchandise from Philemon Pharmaceuticals on account, $$847\mathrm{.}36$ Invoice No$.576$ dated June $27,$ terms $2/10,$ eom, n$/30$

June $29,$ Issued Check No$.639$ to Kellogs Cookie Co$.$ for a cash payment of merchandise, $$450\mathrm{.}45$

June $30,$ Issued Check $640$ to Victory Medical Supplies in payment of Invoice No$.514,$ $$1,250.$ No discount allowed.