Problem 8.3A Posting purchases and cash payment transactions. LO 8-3, 8-4, 8-5

Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firms purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:

DATE		TRANSACTIONS
2019
Sept.	2	Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30.
	3	Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30.
	7	Received Credit Memorandum 165 for $1,000 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 $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
	12	Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.
	22	Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.
	23	Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30.
	25	Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.
	27	Purchased ski sweaters for $3,600 plus a freight charge of $150 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:

1. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger.
2. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS

101	Cash, $27,000 Dr.
201	Accounts Payable
501	Purchases
502	Freight In
503	Purchases Returns and Allowances
504	Purchases Discounts

ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods

Analyze: What portion of the purchases in September, before purchase returns and allowances and before purchase discounts, were for clothing items? Include ski boots as a clothing item.

Analyze: What portion of the purchases in September, before purchase returns and allowances and before purchase discounts, were for clothing items? Include ski boots as a clothing item.

Problem 8.3A Posting purchases and cash payment transactions. LO 8-3, 8-4, 8-5 Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 2019 follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 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 $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 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: 1. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger. 2. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS 101 Cash, $27,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold Mountain clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 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: 1. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger. 2. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS 101 Cash, $27,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Complete this question by entering your answers in the tabs below. General Ledgers AP Ledgers Schedule of AP Analyze Post the transactions to the appropriate accounts in the general ledger. Accounts Payable Date Debit Account No: 201 Credit Balance Debit Cash Date Sept 1, 2019 Sept 12, 2019 Sept 30, 2019 Account No: 101 Credit Balance 27,000 11,834 15,166 5,910 9,256 Account No: 501 Account No: 502 Purchases Date Debit Sept 30, 2019 Credit Balance Credit Balance 36,040 (36,040) Freight in Date Debit Sept 2, 2019 Sept 22, 2019 Sept 27, 2019 Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Complete this question by entering your answers in the tabs below. General Ledgers AP Ledgers Schedule of AP Analyze Post the transactions to the appropriate accounts in the accounts payable ledger. Alaska Supply Company Terms: 3/10, n/30 Terms: n/30 Cold Mountain Clothing Company Date Debit Date Debit Credit Balance Credit Balance Terms: n/30 Colorado Ski Shop Date Debit Terms: n/30 Credit Balance Swenson Ski Goods Date Debit Credit Balance ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Complete this question by entering your answers in the tabs below. General Ledgers AP Ledgers Schedule of AP Analyze Prepare a schedule of accounts payable. Compare the balance of the Accounts Payable control account with the total of the schedule. BIG COUNTRY SKI SHOP Schedule of Accounts Payable September 30, 2019 Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Total 101 Cash, $27,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Complete this question by entering your answers in the tabs below. General Ledgers AP Ledgers Schedule of AP Analyze What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Portion of clothing items purchased