Purchases Journal, Cash Payments Journal, and General Journal Freddy Flint owns a small retail business called Flint's Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 414 in payment of July rent, $1,500. 1 Purchased merchandise on account from Tang's Toys, Invoice No. 311, $2,700, terms 2/10, n/30. 3 Purchased merchandise on account from Sillas & Company, Involce No. 812, $3,100, terms 1/10, n/30. 5 Returned merchandise purchased from Tang's Toys, receiving a credit memo on the amount owed, $500. 8 Purchased merchandise on account from Daisy's Dolls, Invoice No. 139, $1,900, terms 2/10, 1/30. 11 Issued Check No. 415 to Tang's Toys for merchandise purchased on account, less return of July 5 and less 2% discount 13 Issued Check No. 416 to Sillas & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Daisy's Dolls, receiving a credit memo on the amount owed, $400. 18 Issued Check No. 417 to Daisy's Dolls for merchandise purchased on account, less return of July 15 and less 2% discount 25 Purchased merchandise on account from Allied Business, Invoice No. 489, $2,450, terms /30. 26 Purchased merchandise on account from Tang's Toys, Invoice No. 375, $1,980, terms 2/10,n/30. 29 Purchased merchandise on account from Sillas & Company, Invoice No. 883, $3,460, terms 1/10, 1/30. 31 Freddy Flint withdrew cash for personal use, $2,000. Issued Check No. 418. 31 Issued Check No. 419 to Glisan Distributors for a cash purchase of merchandise. $975 1. Record the transactions in the purchases journal, cash payments journal, and general journal. Total the purchases and cash payments journals. Prove the cash payments journal. Page: 7 PURCHASES DATE POST. INVOICE NO. DEBIT/ REF. ACCTS. PAY. FROM WHOM PURCHASED CREDIT 1 2 2. 4 4 5 6 V 6 7 7 3 (501) (202) 8 Cash Payments Journal Page 9 Account Debited General Debit Accounts Payable Debit Purchases Debit Purchases Discounts Credit Cash Credit Date Ck. No. Post. Ref. (202) (501) (501.2) (101) Debit total: Credit total: $ Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20- Nv Returned merchandise Returned merchandise 2. Post from the journals to the general ledger and accounts payable ledger accounts. For month-end column totals, post the purchases journal first, followed by the cash payments journal. GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- July 1 Balance 20,000.00 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- ACCOUNT F. Flint, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- = ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 501.1 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- ACCOUNT Purchases Discounts ACCOUNT NO. 501.2 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- ACCOUNT Rent Expense ACCOUNT NO. 521 DATE ITEM BALANCE POST. REF. DEBIT 20- CREDIT DEBIT CREDIT Essay 1 Com ACCOUNTS PAYABLE LEDGER NAME Allied Business ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- NAME Daisy's Dolls ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- NAME NAME Sillas & Company ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- NAME Tang's Toys ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20
