SB Problem 8.1A (Static) and Problem 8.2A (Static) The following information applies to the questions displayed below.) Lens Queen is a retail store that sells cameras and photography supplies. The firm's 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,eee plus a freight charge of $205 from American Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. 8. Purchased file for $1,389 from Foto Suppliers, Invoice 1102, dated June 3, net payable in 45 days. 12 Purchased lenses for $911 from Ges Lenses, Invoice 7282, dated June 9, the ters are 1/10, n/60. 18 Received Credit Menorandum 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 15, met due and payable in 45 days. 28 Purchased lens filters for $2,420 plus freight of $ils from Sublime Stills, Invoice 5027, dated June 24; the terms are 2/10, 1/30 30 Received Credit Memorandun 1108 for $285 from Quality Cases the amount is an allowance for damaged but usable foods purchased on Invoice 108, dated June 18 Problem 8.2A (Static) Posting to the accounts payable ledger and preparing a schedule of accounts payable. LO 8-4, 8-6 Creditors Name Terms Foto suppliers 1/45 Quality cases n/45 American photo equipment 1/60 Get lenses 1/10, 1/60 Sublime stills 2/10, 1/30 Balance 510, 430 1,150 2,574 Required: 1. Set up an accounts payable subsidiary ledger for Lens Queen Enter the balances as of June 1, 20x1 for each of the creditors. 2. Post the opening balances and transactions from the purchases Journal and the general journal 3. Prepare a schedule of accounts payable for June 30 4. 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 Gem Lenses on June 302 Ledgers Purchases Journal General Journal Schedule of AP Analyze Post the opening balances and transactions from the purchases journal and the general journal. Quality Cases Date Debit June 01, 20X1 June 18, 20X1 June 30, 20X1 June 30, 20X1 Terms 6/45 Credit Balance 14,154 13.779 13.494 10,211 23,705 Sublime Stills Date Debit June 30, 20X1 9,821 Terms 2/10, 1/30 Credit Balance (9,821) 375 285 Gem Lenses Date Debit June 01. 20X1 Terms 1/10, n/60 Credit Balance Foto Suppliers Date Debit June 01330x1 Terms n/45 Credit Balance American Photo Equipment Date Debit Terms n/60 Credit Balance Ledgers Purchases Journal General Journal Schedule of AP Analyze Record the transactions in a three-column purchases journal for June, 20X1. PURCHASES JOURNAL Date Purchased From Invoice Number Date of Invoice Terms Accounts Payable Credit Purchases Debit Freight in Debit June 30 Totals $ 0 $ 0 $ 0 Record the first entry required in the general journal. Note: Enter debits before credits. General Journal Debit Transaction 1 Credit Record entry Clear entry View general journal Analyze: What amount is owed to Gem Lenses on June 30? Ledgers Purchases Journal General Journal Schedule of AP Analyze Prepare a schedule of accounts payable for June 30. LENS QUEEN Schedule of Accounts Payable June 30, 20X1 Total $ 0