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, $3,000, terms 2/10, n/30. 3 Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,600, 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, $2,730, 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, $410. 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, $2,630, terms n/30. 26 Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,250, terms 2/10, n/30. 29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,500, terms 1/10, n/30. Required: 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 answers to the nearest cent. GENERAL JOURNAL PAGE 16 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 1 Rent Expense 2,500 Cash 2,500 Check No. 414 Jul. 1 Purchases 3,000 Accounts Payable/Tilly's Toys 3,000 Invoice No. 311 Jul. 3 Purchases 3,600 Accounts Payable/Scheer & Company 3,600 Invoice No. 812 Jul. 5 Accounts Payable/Tilly's Toys 500 Purchases Returns and Allowances 500 Returned merchandise Jul. 8 Purchases 2,730 Accounts Payable/Donna's Dolls 2,730 Invoice No. 139 Jul. 11 Accounts Payable/Tilly's Toys 1,960 Cash 500 Purchases Discounts 40 Check No. 415 Jul. 13 Accounts Payable/Scheer & Company 3,600 Cash 3,564 Purchases Discounts 36 Check No. 416 Jul. 15 Accounts Payable/Donna's Dolls 400 Purchases Returns and Allowances 400 Returned merchandise GENERAL JOURNAL PAGE 17 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 18 Accounts Payable/Donna's Dolls 2,320 Cash 2,273.60 Purchases Discounts 46.40 Check No. 417 Jul. 25 Purchases 2,630 Accounts Payable/Applied Business 2,630 Invoice No. 489 Jul. 26 Purchases 2,250 Accounts Payable/Tilly's Toys 2,250 Invoice No. 375 Jul. 29 Purchases 3,500 Accounts Payable/Scheer & Company 3,500 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 posting. 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-- Jul. 1 Balance ? 21,700 Jul. 1 J16 3,000 Jul. 11 J16 Jul. 13 J16 Jul. 18 J17 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 J16 J16 Jul. 11 J16 2,500 6,330 J16 J16 J17 J17 Jul. 26 J17 2,250 4,880 J17 ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 J16 J17 Jul. 26 J17 2,250 14,210 J17 ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 501.1 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 ACCOUNT Purchases Discounts ACCOUNT NO. 501.2 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 J16 J17 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- J16 ACCOUNTS PAYABLE LEDGER NAME Applied Business ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- J17 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