Question
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
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, $2,500. 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, $3,800, 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, $2,950, 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, $430. 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, $2,600, 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, 53,650, terms 1/10, n/30.
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