Purchases and Cash Payments Transactions Emily Frank owns a small retail business called Frank's Fantasy. The cash account has a balance of $20,700 on July 1. The following transactions occurred during July: July 1 Issued Check No. 414 in payment of July rent, $2,300. 1 Purchased merchandise on account from Tilly's Toys, Invoice No. 311, $2,800, terms 2/10, n/30 3 Purchased merchandise on account from Scheer & Company, 1Invoice No. 812, $3,800, terms 1/10, n/30. 5 Returned merchandise purchased from Tilly's Toys, receiving a credit memo on the amount owed, $500. 8 Purchased merchandise on account from Donna's Dolls, Invoice No. 139, $2,940, 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%ydiscount. 15 Returned merchandise purchased from Donna's Dolls, receiving a credit memo on the amount owed, $390. 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, $2,700, terms n/30. 26 Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,220, terms 2/10, n/30. 29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,480, terms 1/10, n/30. 1. Enter the transactions in a general journal (start with page 16). If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 2. If required, round your ansu to the nearest cent. GENERAL JOURNAL PAGE 16 DEBIT DATE DESCRIPTION POST. REF. CREDIT 20-- Jul. 1 Check No. 414 Jul. 1 Involce No. 311 Jul. 3 Invoice No. 812 Jul. 5 Returned merchandise Jul. 8 Invoice No. 139 Jul. 13 Check No. 415 Jul. 13 Check No. 416 Jul. 15 Returned merchandise GENERAL JOURNAL PAGE 17 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 18 Check No. 417 Jul. 25 Invoice No. 489 Jul. 26 II III 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 bla 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-- Jul. 1 Balance 20,700 J16 J16 Accounting numeric field J16 J17 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 J16 J16 Jul. 11 J16 2,300 6,740 J16 J16 J17 J17 Jul. 26 J17 2,220 4,920 J17 ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE POST. REF. ITEM DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 J16 J17 Jul. 26 J17 2,220 14,460 J17 ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 501.1 BALANCE DATE ITEM POST. REF, DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 NAME Donna's Dolls ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- J16 J16 J17 NAME Scheer & Company ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- J16 J16 J17 NAME Tilly's Toys ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- J16 J16 J16 J17
