Problem 9.4A (Algo) Journalizing purchases, cash payments, and purchases discounts; posting to the general ledger. LO 9-4, 9-5

Problem 9.4A (Algo) Journalizing purchases, cash payments, and purchases discounts; posting to the general ledger. LO 9.4, 9.5 The Bike and Hike Outlet Is a retall store. Transactions Involving purchases and cash payments for the firm during June 201 are listed below, as are the general ledger accounts used to record these transactions. GFNFDAI I FIFED GCOI INTC DATE TRANSACTIONS June 1 Issued Check 1101 for $2,600 to pay the nonthly rent. 3 Purchased merchandise for $2,800 fron Perfect Fit Shoe Shop, Invoice 746 , dated June 1; the terms are 2/18, n/30. 5 Purchased new store equiprent for $4,7e0 fron Middleton Company, Invoice 9967 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Conpany, a creditor, in paynent of Invoice 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Invoice 746 dated June 1 ( $2,709 ), 1 ess a cash discount ($54). 12 Purchased merchandise for \$2,100 fron Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,7e0 fron warren Company; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1166 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 26 (\$5,669), 1ess a cash discount ($112). 30 Purchased nerchandise for \$2, 600 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5, 900 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases Journal, a cash payments Journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Dhet the nneninn halancee and trancartinne inth the annennriate ledner arrounta. 12 Purchased nerchandse for $2,100 fron Juandas Coat Shop, Invoice 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $9,700 fron warren conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for \$5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/16, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 28 ( $5,609 ), 1 ess a cash discount ($112). 30 Purchased nerchandise for $2,600 fron Jogging Shoes Store, Invoice 4713 , dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5, 600 to pay the monthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments Journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total llabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Record the transactions in a purchases joumal as of June 201. 12 Purchased nerchandse for $2,100 fron Juandas Coat Shop, Invoice 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 283 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,700 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for \$5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 26 (\$5,669), 1 ess a cash discount ($112). 30 Purchased merchandise for $2, e00 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5,600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. 12 Purchased merchandse for $2,100 fron Juandas Coat Shop, Involce 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1104 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 293 for $60 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equiprent for $9,700 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/18, n/3e. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 29 (\$5,69), 1 ess a cash discount ($112). 30 Purchased merchandise for $2,000 fron Jogging Shoes Store, Invoice 4713 , dated June 26; the terms are 1/16, n/30. 30 Issued Check 1107 for $5, 600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total liabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Record the transactions in a general journal as of June 201. 3 Purchased merchandise for $2, 800 fron Perfect Fit Shoe Shop, Involce 746 , dated June 1; the terms are 2/10, n/30. 5 Purchased new store equipment for $4,760 fron Middleton Company, Invoice 9867 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Conpany, a creditor, in paynent of Irivoice 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Invoice 746 dated June 1 ( $2,709 ), 1 ess a cash discount ($54). 12 Purchased merchandise for $2,100 fron Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $600 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,7e0 fron Warren conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1166 for $5,488 to The Motor Speedway, a creditor, in payment of Involce 1927 of June 26 ( $5,608 ), 1 ess a cash discount ($112). 30 Purchased nerchandise for $2,e00 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5,000 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 20X1. 2 Record the transactlons in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the special journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on Its Income statement for the month ended June 30. Analyze: What total llabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Show how the firm's net cost of purchases would be reported on its income statement for the month ended June 30 . ses rurchases reh. ariu aluow. 504 Purchases discounts 611 Rent expense 614 Salaries expense 617 Telephone expense ses rurchases reL. ariu aluow. 504 Purchases discounts 611 Rent expense 614 Salaries expense 617 Telephone expense DATE TRANSACTIONS June 1 Issued Check 1101 for $2,600 to pay the nonthly rent. 3 Purchased merchandise for $2,800 fron Perfect Fit Shoe Shop, Invoice 746 , dated June 1; the terms are 2/10, n/30. 5 Purchased new store equiprent for $4,700 fron Middleton Company, Invoice 9967 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Company, a creditor, in paynent of Involce 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Irivoice 746 dated June 1 (\$2,769), 1 ess a cash discount ($54). 12 Purchased merchandise for $2,100 fron Juandas Coat Shop, Involce 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1104 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $9,7e0 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 29 (\$5,69), 1 ess a cash discount (\$112). 30 Purchased nerchandise for $2,000 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/16, n/3e. 30 Issued Check 1107 for $5,600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactlons In a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Assuming that all relevant information is included in this problem, what total liabilities does the company have at month-end? Problem 9.4A (Algo) Journalizing purchases, cash payments, and purchases discounts; posting to the general ledger. LO 9.4, 9.5 The Bike and Hike Outlet Is a retall store. Transactions Involving purchases and cash payments for the firm during June 201 are listed below, as are the general ledger accounts used to record these transactions. GFNFDAI I FIFED GCOI INTC DATE TRANSACTIONS June 1 Issued Check 1101 for $2,600 to pay the nonthly rent. 3 Purchased merchandise for $2,800 fron Perfect Fit Shoe Shop, Invoice 746 , dated June 1; the terms are 2/18, n/30. 5 Purchased new store equiprent for $4,7e0 fron Middleton Company, Invoice 9967 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Conpany, a creditor, in paynent of Invoice 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Invoice 746 dated June 1 ( $2,709 ), 1 ess a cash discount ($54). 12 Purchased merchandise for \$2,100 fron Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,7e0 fron warren Company; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1166 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 26 (\$5,669), 1ess a cash discount ($112). 30 Purchased nerchandise for \$2, 600 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5, 900 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases Journal, a cash payments Journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Dhet the nneninn halancee and trancartinne inth the annennriate ledner arrounta. 12 Purchased nerchandse for $2,100 fron Juandas Coat Shop, Invoice 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $9,700 fron warren conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for \$5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/16, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 28 ( $5,609 ), 1 ess a cash discount ($112). 30 Purchased nerchandise for $2,600 fron Jogging Shoes Store, Invoice 4713 , dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5, 600 to pay the monthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments Journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total llabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Record the transactions in a purchases joumal as of June 201. 12 Purchased nerchandse for $2,100 fron Juandas Coat Shop, Invoice 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 283 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,700 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for \$5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 26 (\$5,669), 1 ess a cash discount ($112). 30 Purchased merchandise for $2, e00 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5,600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. 12 Purchased merchandse for $2,100 fron Juandas Coat Shop, Involce 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1104 for $230 to pay the monthly telephone bill. 18 Received Credit Menorandum 293 for $60 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equiprent for $9,700 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/18, n/3e. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 29 (\$5,69), 1 ess a cash discount ($112). 30 Purchased merchandise for $2,000 fron Jogging Shoes Store, Invoice 4713 , dated June 26; the terms are 1/16, n/30. 30 Issued Check 1107 for $5, 600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general Journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total liabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Record the transactions in a general journal as of June 201. 3 Purchased merchandise for $2, 800 fron Perfect Fit Shoe Shop, Involce 746 , dated June 1; the terms are 2/10, n/30. 5 Purchased new store equipment for $4,760 fron Middleton Company, Invoice 9867 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Conpany, a creditor, in paynent of Irivoice 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Invoice 746 dated June 1 ( $2,709 ), 1 ess a cash discount ($54). 12 Purchased merchandise for $2,100 fron Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1164 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $600 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9 . 21 Purchased new store equipment for $9,7e0 fron Warren conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1166 for $5,488 to The Motor Speedway, a creditor, in payment of Involce 1927 of June 26 ( $5,608 ), 1 ess a cash discount ($112). 30 Purchased nerchandise for $2,e00 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5,000 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 20X1. 2 Record the transactlons in a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Deblt sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the special journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on Its Income statement for the month ended June 30. Analyze: What total llabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Show how the firm's net cost of purchases would be reported on its income statement for the month ended June 30 . ses rurchases reh. ariu aluow. 504 Purchases discounts 611 Rent expense 614 Salaries expense 617 Telephone expense ses rurchases reL. ariu aluow. 504 Purchases discounts 611 Rent expense 614 Salaries expense 617 Telephone expense DATE TRANSACTIONS June 1 Issued Check 1101 for $2,600 to pay the nonthly rent. 3 Purchased merchandise for $2,800 fron Perfect Fit Shoe Shop, Invoice 746 , dated June 1; the terms are 2/10, n/30. 5 Purchased new store equiprent for $4,700 fron Middleton Company, Invoice 9967 dated June 4 , net payable in 39 days. 7 Issued Check 1102 for $1,490 to Leisure Wear Clothing Company, a creditor, in paynent of Involce 3342 of May 9. 8 Issued Check 1103 for $2,646 to Perfect Fit Shoe Shop, a creditor, in paynent of Irivoice 746 dated June 1 (\$2,769), 1 ess a cash discount ($54). 12 Purchased merchandise for $2,100 fron Juandas Coat Shop, Involce 9922 , dated June 9 , net due and payable in 30 days. 15 Issued Check 1104 for $230 to pay the monthly telephone bil1. 18 Received Credit Menorandum 293 for $690 fron Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $9,7e0 fron Warren Conpany; issued a three-nonth pronissory note with interest at 12 percent. 23 Purchased nerchandise for $5,600 fron The Motor Speedway, Invoice 1927, dated June 20; terns of 2/10, n/30. 25 Issued Check 1105 for $1,300 to Juandas Coat Shop, a creditor, as paynent on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,488 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 29 (\$5,69), 1 ess a cash discount (\$112). 30 Purchased nerchandise for $2,000 fron Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/16, n/3e. 30 Issued Check 1107 for $5,600 to pay the nonthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2 Record the transactlons In a purchases journal, a cash payments journal, and a general journal. 3. Post the entrles from the general journal and from the Other Accounts Debit sectlon of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the speclal journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its Income statement for the month ended June 30. Analyze: What total Ilabilitles does the company have at month-end? Complete this question by entering your answers in the tabs below. Assuming that all relevant information is included in this problem, what total liabilities does the company have at month-end