Purchases and Cash Payments Transactions
Emily Frank owns a small retail business called Franks Fantasy. The cash account has a balance of $21,700 on July 1. The following transactions occurred during July:
July 1 Issued Check No. 414 in payment of July rent, $2,500. 1 Purchased merchandise on account from Tilly's Toys, Invoice No. 311, $2,900, terms 2/10, n/30. 3 Purchased merchandise on account from Scheer & Company, Invoice No. 812, $4,000, terms 1/10, n/30. 5 Returned merchandise purchased from Tilly's Toys, receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Donna's Dolls, Invoice No. 139, $2,720, terms 2/10, n/30. 11 Issued Check No. 415 to Tilly's Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Donna's Dolls, receiving a credit memo on the amount owed, $330. 18 Issued Check No. 417 to Donna's Dolls for merchandise purchased on account, less return of July 15 and less 2% discount. 25 Purchased merchandise on account from Applied Business, Invoice No. 489, $2,620, terms n/30. 26 Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,120, terms 2/10, n/30. 29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,500, terms 1/10, n/30.
GENERAL JOURNAL PAGE 16 DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- ul. 1 Check No. 414 Jul. 1 Invoice No. 311 Jul. 3 Invoice No. 812 Jul. 5 Returned merchandise Jul. 8 Invoice No. 139 ul. 11 Check No. 415 Jul. 13 Check No. 416 Jul. 15 Returned merchandise GENERAL JOURNAL PAGE 17 DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- ul. 18 Check No. 417 Jul. 25 Invoice No. 489 Jul. 26 Invoice No. 375 Jul. 29 Invoice No. 883 2. Post from the journal to the general ledger and accounts payable ledger accounts. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 1 and complete the osting. If required, round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Cash ACCOUNT NO 101 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- ul. 1 Balance 21,700 116 116 116 ACCOUNT Accounts Payable ACCOUNT NO 202 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 116 116 116 116 116 Jul. 11 2,500 6,720 Jul. 26 2,120 4,740 COUNT BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 116 Jul. 26 2,120 14,360 ACCOUN Purchases Returns and Allowances ACCOUNT NO 501 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 ACCOUNT Purchases Discounts ACCOUNT NO. 501.2 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 COUN Re xpense ACCOUNT BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 ACc PAYABLE LEDGER NAME ADDRESS DATE Applied Business ITEM POST. REF DEBIT CREDIT BALANCE 20-- AM ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- 116 eer &Company ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- Tilly's Toys NAME ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- 116 116 116 GENERAL JOURNAL PAGE 16 DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- ul. 1 Check No. 414 Jul. 1 Invoice No. 311 Jul. 3 Invoice No. 812 Jul. 5 Returned merchandise Jul. 8 Invoice No. 139 ul. 11 Check No. 415 Jul. 13 Check No. 416 Jul. 15 Returned merchandise GENERAL JOURNAL PAGE 17 DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- ul. 18 Check No. 417 Jul. 25 Invoice No. 489 Jul. 26 Invoice No. 375 Jul. 29 Invoice No. 883 2. Post from the journal to the general ledger and accounts payable ledger accounts. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 1 and complete the osting. If required, round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Cash ACCOUNT NO 101 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- ul. 1 Balance 21,700 116 116 116 ACCOUNT Accounts Payable ACCOUNT NO 202 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 116 116 116 116 116 Jul. 11 2,500 6,720 Jul. 26 2,120 4,740 COUNT BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 116 Jul. 26 2,120 14,360 ACCOUN Purchases Returns and Allowances ACCOUNT NO 501 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 116 ACCOUNT Purchases Discounts ACCOUNT NO. 501.2 BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 COUN Re xpense ACCOUNT BALANCE DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 20-- 116 ACc PAYABLE LEDGER NAME ADDRESS DATE Applied Business ITEM POST. REF DEBIT CREDIT BALANCE 20-- AM ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- 116 eer &Company ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- Tilly's Toys NAME ADDRESS DATE ITEM POST. REF DEBIT CREDIT BALANCE 20-- 116 116 116
