Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Old English Garden Shop is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for
The Old English Garden Shop is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for July are listed below. The general ledger accounts used to record these transactions are also provided. The balance shown is for the beginning of July 20X1.
GENERAL LEDGER ACCOUNTS | |
205 | Accounts payable, $35,790 Cr. |
501 | Purchases |
502 | Freight In |
503 | Purchases returns and allowances |
DATE | TRANSACTIONS | ||
July | 1 | Purchased lawn mowers for $9,120 plus a freight charge of $240 from Charleston Corporation, Invoice 1011, dated June 26, net due and payable in 60 days. | |
5 | Purchased outdoor chairs and tables for $4,280 plus a freight charge of $543 from Cedarbrook Garden Center, Invoice 639, dated July 2, net due and payable in 45 days. | ||
9 | Purchased grass seed for $1,210 from Lawn and Gardens Supply, Invoice 8164, dated July 5; the terms are 30 days net. | ||
16 | Received Credit Memorandum 110 for $510 from Cedarbrook Garden Center; the amount is an allowance for scratches on some of the chairs and tables originally purchased on Invoice 639, dated July 2. | ||
19 | Purchased fertilizer for $1,110 plus a freight charge of $247 from Lawn and Gardens Supply, Invoice 9050, dated July 15; the terms are 30 days net. | ||
21 | Purchased hoses from Dunn Rubber Company for $3,590 plus a freight charge of $215, Invoice 1785, dated July 17; terms are 1/15, n/60. | ||
28 | Received Credit Memorandum 223 for $340 from Dunn Rubber Company for damaged hoses that were returned; the goods were purchased on Invoice 1785, dated July 17. | ||
31 | Purchased lawn sprinkler systems for $10,220 plus a freight charge of $269 from Warren Industrial Products, Invoice 8985, dated July 26; the terms are 2/10, n/30. |
JUST NEED THE LEDGERS!!!!
Complete this question by entering your answers in the tabs belowStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started