Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved Help Save & CH Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Saved Help Save & CH Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 2019 follow. DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $5,300 plus a freight charge of $240 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $10,900 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $870 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $3,700 from Cold Mountain Clothing Company, Invoice 4091, terns n/30. 12 Issued Check 194 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $3,460 plus a freight charge of $185 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $1,950 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $270 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,900 plus a freight charge of $165 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balance of Cash as of September 1, 2019 2. Post the entries from the general Journal to the appropriate accounts in the general ledger and in the accounts payable ledger. 3. Prepare a schedule of accounts pavable. 4 of 6 Next > CH8 0 Saved Purchases Date Debit Account No: 501 Credit Balance Freight in Debit Date Account No: 502 Credit Balance Account No: 503 Purchases Discounts Account No: 504 Purchases Returns and Allowances Date Debit Credit Balance Date Debit Credit Balance AP Ledgers > Seved General Ledgers AP Ledgers Schedule of AP Analyze Post the transactions to the appropriate accounts in the accounts payable ledger. Alaska Supply Company Terms: 3/10, n/30 Cold Mountain Clothing Company Date Debit Terms: n/30 Date Debit Credit Balance Credit Balance Swenson Ski Goods Colorado Ski Shop Date Debit Terms: n/30 Credit Balance Terms: n/30 Credit Balance Date Debit Generalledaens Schedule of AP > Saved General Ledgers AP Ledgers Schedule of APT Analyze Prepare a schedule of accounts payable. Compare the balance of the Accounts Payable control account with the total of the schedule. BIG COUNTRY SKI SHOP Schedule of Accounts Payable September 30, 2019 Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Total $ 0 Help Se DWEISUR DKI UUS Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Complete this question by entering your answers in the tabs below. General Ledgers AP Ledgers Schedule of AP Analyze What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. Portion of clothing items purchased o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions