Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 8.2A (Static) Recording purchases, purchase returns, purchases discounts, and cash payments for a merchandising firm. LO 8-1 High Country Ski Shop is a retail

Problem 8.2A (Static) Recording purchases, purchase returns, purchases discounts, and cash payments for a merchandising firm. LO 8-1

High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firms purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow:

DATE TRANSACTIONS
20X1
Sept. 2 Purchased ski boots for $7,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30.
3 Purchased skis for $13,200 from Black Ice Supply Company, Invoice 5916; terms 3/10, n/30.
7 Received Credit Memorandum 165 for $1,100 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672.
11 Purchased ski jackets for $4,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
12 Issued Check 104 to Black Ice Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.
22 Purchased ski poles for $5,760 plus a freight charge of $170 from Black Ice Supply Company, Invoice 5950; terms 3/10, n/30.
23 Purchased ski pants for $3,200 from White Fire Ski Goods, Invoice 528, terms n/30.
25 Received Credit Memorandum 245 for $320 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.
27 Purchased ski sweaters for $3,750 plus a freight charge of $200 from Colorado Ski Shop, Invoice 6722, terms n/30.
30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.

Required: Record the transactions in a general journal. Analyze: What was the amount of the cash discount on September 12?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Statistics For Contemporary Decision Making

Authors: Ken Black

7th Edition

0470931469, 978-0470931462

More Books

Students also viewed these Accounting questions

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago

Question

Appreciate the services that consultants provide

Answered: 1 week ago

Question

Know about the different kinds of consultants

Answered: 1 week ago