The Bike and Hike Outlet is a retail store. Transactions involving purchases and cash payments for the firm during June 2019 are listed below, as are the general ledger accounts used to record these transactions. GENERAL LEDGER ACCOUNTS $ 21,900 Dr. 66,000 Dr. 4,980 Cr. 101 Cash 131 Equipment 201 Notes Payable 205 Accounts Payable 501 Purchases 503 Purchases Ret. and Allow. 504 Purchases Discounts 611 Rent Expense 614 Salaries Expense 617 Telephone Expense 12 DATE TRANSACTIONS June 1 Issued Check 1101 for $3,400 to pay the monthly rent. 3 Purchased merchandise for $3,100 from Perfect Fit Shoe Shop, Invoice 746, dated June 1; the terms are 2/10, n/30. 5 Purchased new store equipment for $5,500 from Middleton Company, Invoice 9067 dated June 4, net payable in 30 days. 7 Issued Check 1102 for $1,570 to Leisure Wear Clothing Company, a creditor, in payment of Invoice 3342 of May 9. 8 Issued Check 1103 for $3,038 to Perfect Fit Shoe Shop, a creditor, in payment of Invoice 746 dated June 1 ($3,100), less a cash discount ($62). Purchased merchandise for $2,300 from Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1104 for $238 to pay the monthly telephone bill. 18 Received Credit Memorandum 203 for $800 from Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. Purchased new store equipment for $10,500 from Warren Company; issued a three-month promissory note with interest at 12 percent. 23 Purchased merchandise for $6,400 from The Motor Speedway, Invoice 1927, dated June 20; terms of 2/10, n/30. Issued Check 1105 for $1,500 to Juandas Coat Shop, a creditor, in payment of Invoice 7416 dated May 28. Issued Check 1106 for $6,272 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 20 ($6,400), less a cash discount ($128). Purchased merchandise for $2,080 from Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $5,800 to pay the monthly salaries of the employees. 21 25 28 30 Required: 1. Open the general ledger accounts and enter the balances as of June 1, 2019. 2. Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entries from the general journal and from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts. 4. Total, prove, and rule the special journals as of June 30. 5. Post the column totals from the special journals to the general ledger. 6. Show how the firm's net cost of purchases would be reported on its income statement for the month ended June 30. Analyze: What total liabilities does the company have at month-end? General Ledgers Purchases Journal Cash Payments General Journal Income Statement Analyze Post the opening balances and transactions into the appropriate ledger accounts. Cash Date June 1, 2019 Debit Account No: 101 Credit Balance 21,900 Equipment Date Debit June 1, 2019 Account No: 131 Credit Balance 66,000 Notes Payable Date Debit Account No: 201 Credit Balance Accounts Payable Date Debit June 01, 2019 Account No: 205 Credit Balance Purchases Account No: 503 Account No: 501 Credit Balance Purchases Returns and Allowances Date Debit Date Debit Credit Balance Purchases Discounts Account No: 611 Account No: 504 Credit Balance Rent Expense Date Debit Date Debit Credit Balance Account No: 614 Account No: 617 Salaries Expense Date Debit Telephone Expense Date Debit Credit Balance Credit Balance General General Ledgers Purchases Journal Cash Payments Income Statement Analyze Journal Record the transactions in a purchases journal as of June 2019. PURCHASES JOURNAL Date Purchased From Invoice Number Invoice Date Terms Purchases DR./Accounts Payable CR. June 30, 2019 Totals S 0 General Ledgers Purchases Journal Cash Payments General Journal Income Statement Analyze Record the transactions in a cash payments journal as of June 2019. CASH PAYMENTS JOURNAL Accounts Date CK. NO Description Payable Account Name Debit Amount Purchases Discounts Credit Cash Credit June 30, 2019 Totals $ 0 $ 0 $ S 0 Journal entry worksheet Record the return of defective goods, Credit Memo 203, original purchase made on Invoice 9922 on June 9. Note: Enter debits before credits. General Journal Debit Credit Date June 18, 2019 Record entry Clear entry View general journal Journal entry worksheet Analyze: What total liabilities does the company have at month-end? Complete this question by entering your answers in the tabs below. General Ledgers Purchases Journal Cash Payments General Journal Income Statement Analyze Assuming that all relevant information is included in this problem, what total liabilities does the company have at month-end? Total liabilities