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Camera King is a retail store that sells cameras and photography supplies. The firm$$s credit purchases and purchases returns and allowances transactions for June $20$X$1$ appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June.

GENERAL LEDGER ACCOUNTS

$205$ Accounts payable, $$15,154$ Credit

$501$ Purchases

$502$ Freight In

$503$ Purchases returns and allowances

DATE TRANSACTIONS

June $1$ Purchased digital cameras for $$3,500$ plus a freight charge of $$295$ from American Photo Equipment, Invoice $4241,$ dated May $27$; the terms are $60$ days net.

June $8$ Purchased film for $$1,389$ from Fox Suppliers, Invoice $1102,$ dated June $3,$ net payable in $45$ days.

June $12$ Purchased lenses for $$985$ from Great Lakes Lenses, Invoice $7282,$ dated June $9$; the terms are $110/$

$,$ n$60/$

$.$

June $18$ Received Credit Memorandum $110$ for $$375$ from American Photo Equipment for defective cameras that were returned; they were originally purchased on Invoice $4241,$ dated May $27.$

June $20$ Purchased film for $$1,150$ plus freight of $$70$ from Fox Suppliers, Invoice $1148,$ dated June $15,$ net payable in $45$ days.

June $23$ Purchased camera cases for $$2,051$ from Performance Cameras, Invoice $3108,$ dated June $18,$ net due and payable in $45$ days.

June $28$ Purchased lens filters for $$1,920$ plus freight of $$115$ from Sublime Stills, Invoice $5027,$ dated June $24$; the terms are $210/$

$,$ n$30/$

$.$

June $30$ Received Credit Memorandum $1108$ for $$385$ from Performance Cameras; the amount is an allowance for damaged but usable goods purchased on Invoice $3108,$ dated June $18.$

Creditors

Name Terms Balance

American photo equipment n$60/$

Fox suppliers n$45/$

$10,430$

Great lakes lenses $110/$

$,$ n$60/$

$2,574$

Performance cameras n$45/$

$2,150$

Sublime stills $210/$

$,$ n$30/$

Required:

Set up an accounts payable subsidiary ledger for Camera King. Enter the balances as of June $1,20$X$1$ for each of the creditors.

Post the opening balances and transactions from the purchases journal and the general journal.

Prepare a schedule of accounts payable for June $30.$

Check the total of the schedule of accounts payable against the balance of the Accounts Payable account in the general ledger. The two amounts should be equal.

Analyze:

What amount is owed to Great Lakes Lenses on June $30?$