Answered step by step
Verified Expert Solution
Question
1 Approved Answer
It doesn't seem to have any errors. However, I only received partial points. Please view to see what's missing. Thank you Purchases Journal, Cash Payments
It doesn't seem to have any errors. However, I only received partial points. Please view to see what's missing. Thank you
Purchases Journal, Cash Payments Journal, and General Journal
Freddy Flint owns a small retail business called Flint's Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:
Enter the posting references when you complete part 2. 2. Post from the journals to the general ledger and accounts payable ledger accounts. For month-end column totals, post the purchases journal first, followed by the cash payments journal \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline ACCOUNT & & Purchases D & unts & & & ACCOUNT NO. & 501.2 & \\ \hline & & & & & & \multicolumn{3}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & & DEBIT & CREDIT & \\ \hline \multicolumn{9}{|l|}{20} \\ \hline July 31 & & CP9 & & 105 & & & 105 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ ACCOUNT } & \multicolumn{3}{|c|}{ Rent Expense } & & ACCOUNT NO. & 521 \\ \hline & & & & & & \multicolumn{2}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST. REF. & \multicolumn{2}{|l|}{ DEBIT } & CREDIT & DEBIT & CREDIT \\ \hline \multicolumn{8}{|l|}{20} \\ \hline July 1 & & V & 1,500 & & & 1,500 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ ACCOUNTS PAYABLE LEDGER } \\ \hline NAME & \multicolumn{7}{|c|}{ Allied Business } \\ \hline \multicolumn{8}{|c|}{ ADDRESS } \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & & BALANCE & \\ \hline \multicolumn{8}{|l|}{20} \\ \hline July 25 & & P7 & & 2,450 & & 2,450 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline DATE & INVOICE NO. & \begin{tabular}{l} FROM WHOM \\ PURCHASED \end{tabular} & \begin{tabular}{l} POST. \\ REF. \end{tabular} & \begin{tabular}{l} PURCHASE \\ DEBIT/ \\ ACCTS. PA \\ CREDIT \end{tabular} & & \\ \hline 1 Jul. 1 & 311 & Tang's Toys & & 2,700 & & 1 \\ \hline 2 Jul. 3 & 812 & Sillas and Company & & 3,100 & & 2 \\ \hline 3 Jul. 8 & 139 & Daisy's Dolls & Correct & & & \\ \hline 4 Jul. 25 & 489 & Allied Business & & 2,450 & & 4 \\ \hline 5 Jul. 26 & 375 & Tang's Toys & & 1,980 & & 5 \\ \hline 6 Jul. 29 & 883 & Sillas and Company & & 3,460 & & 6 \\ \hline 7 & & & & 15,590 & & 7 \\ \hline 8 & & & & (501)(202 & & 8 \\ \hline \end{tabular} Debit total: $ Credit total: $ 2. Post from the journals to the general ledger and accounts payable ledger accounts. For month-end column totals, post the purchases journal first, followed by the cash payments journal. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline NAME & \multicolumn{8}{|c|}{ Tang's Toys } \\ \hline \multicolumn{9}{|c|}{ ADDRESS } \\ \hline DATE & ITEM & POST. REF. & DEBIT & & CREDIT & & BALANC & \\ \hline \multicolumn{9}{|l|}{20} \\ \hline July 1 & & P7 & & & 2,700 & & 2,700 & \\ \hline July 5 & & J & 500 & & & & 2,200 & \\ \hline July 11 & & CP9 & 2,200 & & & & 0 & \\ \hline July 26 & & P7 & & & 1,980 & & 1,980 & \\ \hline \end{tabular} Purchases Journal, Cash Payments Journal, and General Journal Freddy Flint owns a small retail business called Flint's Fantasy. The cash account has a balance of $20,000 on July 1 . The following transactions occurred during July: July 1 Issued Check No. 414 in payment of July rent, $1,500. 1 Purchased merchandise on account from Tang's Toys, Invoice No. 311, \$2,700, terms 2/10, n/30. 3 Purchased merchandise on account from Sillas \& Company, Invoice No. 812, $3,100, terms 1/10, n/30. 5 Returned merchandise purchased from Tang's Toys, receiving a credit memo on the amount owed, $500. 8 Purchased merchandise on account from Daisy's Dolls, Invoice No. 139, \$1,900, terms 2/10, n/30. 11 Issued Check No. 415 to Tang's Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 416 to Sillas \& Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Daisy's Dolls, receiving a credit memo on the amount owed, $400. 18 Issued Check No. 417 to Daisy's Dolls for merchandise purchased on account, less return of July 15 and less 2% discount. 25 Purchased merchandise on account from Allied Business, Invoice No. 489, \$2,450, terms n/30. 26 Purchased merchandise on account from Tang's Toys, Invoice No. 375, \$1,980, terms 2/10, n/30. 29 Purchased merchandise on account from Sillas \& Company, Invoice No. 883, \$3,460, terms 1/10, n/30. 31 Freddy Flint withdrew cash for personal use, \$2,000. Issued Check No. 418. 31 Issued Check No. 419 to Glisan Distributors for a cash purchase of merchandise, $975. Requirred: 1. Record the transactions in the purchases journal, cash payments journal, and general journal. Total the purchases and cash payments journals. Prove th cash payments journal. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline ACCOUNT & & F. Flint, & & & & ACCOUNT NO. & 312 \\ \hline & & & & & & \multicolumn{2}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST. REF. & DEBIT & & CREDIT & DEBIT & CREDIT \\ \hline \multicolumn{8}{|l|}{ 20-- } \\ \hline July 31 & & CP9 & 2,000 & & & 2,000 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ ACCOUNT } & \multicolumn{4}{|c|}{ Purchases } & & ACCOUNT N & No. & 501 \\ \hline & & & & & & \multicolumn{3}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST. REF. & \multicolumn{2}{|l|}{ DEBIT } & CREDIT & \multicolumn{2}{|l|}{ DEBIT } & CREDIT \\ \hline \multicolumn{9}{|l|}{ 20-- } \\ \hline July 31 & & & 15,590 & & & 15,590 & & \\ \hline July 31 & & CP9 & 975 & & & 16,565 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline ACCOUNT & Purch & ases Returns & Allowances & & & ACCOUNT NO. & 501.1 & \\ \hline & & & & & & \multicolumn{3}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST. REF. & DEBIT & \multicolumn{2}{|l|}{ CREDIT } & DEBIT & \multicolumn{2}{|l|}{ CREDIT } \\ \hline \multicolumn{9}{|l|}{ 20-- } \\ \hline July 5 & & & & 500 & & & 500 & \\ \hline July 15 & & & & 400 & & & 900 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline NAME & \multicolumn{7}{|c|}{ Daisy's Dolls } \\ \hline \multicolumn{8}{|c|}{ ADDRESS } \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & & BALANC & \\ \hline \multicolumn{8}{|l|}{20} \\ \hline July 8 & & P7 & & 1,900 & & 1,900 & \\ \hline July 15 & & & 400 & & & 1,500 & \\ \hline July 18 & & CP9 & 1,500 & & & 0 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline NAME & \multicolumn{7}{|c|}{ Sillas \& Company } \\ \hline \multicolumn{8}{|c|}{ ADDRESS } \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & & BALANC & \\ \hline \multicolumn{8}{|l|}{20} \\ \hline July 3 & & P7 & & 3,100 & & 3,100 & \\ \hline July 13 & & CP9 & 3,100 & & & 0 & \\ \hline July 29 & & P7 & & 3,460 & & 3,460 & \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started