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Question: Purchases and Cash Payments Transactions Emily Frank owns a small retail business called Franks ...

Purchases and Cash Payments Transactions

Emily Frank owns a small retail business called Franks Fantasy. The cash account has a balance of $20,800 on July 1. The following transactions occurred during July:

July 1	Issued Check No. 414 in payment of July rent, $2,300.
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, $3,700, terms 1/10, n/30.
5	Returned merchandise purchased from Tilly's Toys, receiving a credit memo on the amount owed, $600.
8	Purchased merchandise on account from Donna's Dolls, Invoice No. 139, $2,940, 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, $450.
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, $2,670, terms n/30.
26	Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,180, terms 2/10, n/30.
29	Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,540, 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.

part 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.