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Required information Skip to question [The following information applies to the questions displayed below.] Lens Queen is a retail store that sells cameras and photography
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[The following information applies to the questions displayed below.]
Lens Queen is a retail store that sells cameras and photography supplies. The firms credit purchases and purchases returns and allowances transactions for June 20X1 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, $14,154 Cr. |
501 | Purchases |
502 | Freight In |
503 | Purchases returns and allowances |
DATE | TRANSACTIONS | ||
June | 1 | Purchased digital cameras for $2,000 plus a freight charge of $205 from American Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. | |
8 | Purchased film for $1,389 from Foto Suppliers, Invoice 1102, dated June 3, net payable in 45 days. | ||
12 | Purchased lenses for $911 from Gem Lenses, Invoice 7282, dated June 9; the terms are 1/10, n/60. | ||
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. | ||
20 | Purchased film for $1,150 plus freight of $70 from Foto Suppliers, Invoice 1148, dated June 15, net payable in 45 days. | ||
23 | Purchased camera cases for $1,951 from Quality Cases, Invoice 3108, dated June 18, net due and payable in 45 days. | ||
28 | Purchased lens filters for $2,420 plus freight of $115 from Sublime Stills, Invoice 5027, dated June 24; the terms are 2/10, n/30. | ||
30 | Received Credit Memorandum 1108 for $285 from Quality Cases; the amount is an allowance for damaged but usable goods purchased on Invoice 3108, dated June 18. |
Required:
- Open the general ledger accounts and enter the balance of Accounts Payable for June 1, 20X1.
- Record the transactions in a three-column purchases journal and in a general journal.
- Post entries from the general journal to the general ledger accounts.
- Total the purchases journal as of June 30.
- Post the column totals from the purchases journal to the proper general ledger accounts.
- Compute the net delivered cost of purchases for the firm for the month of June.
Analyze:
What total purchases were posted to the Purchases general ledger account for June?
Complete this question by entering your answer in the tabs below. Post the opening balances and transactions into the appropriate ledger accounts. Complete this question by entering your answer in the tabs below. Prepare a three-column purchase journal to record the above transactions for 201. Record transactions in the general journal. Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. Analyze: What total purchases were posted to the Purchases general ledger account for June? Complete this question by entering your answer in the tabs below. What total purchases were posted to the Purchases general ledger account for June? Compute the net purchases of the firm for the month of JuneStep by Step Solution
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