Question: Emily Frank owns a small retail business called Frank s Fantasy

Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $21,000 on July 1. The following transactions occurred during July:
July 1 Issued Check No. 414 in payment of July rent, $2,500.
1 Purchased merchandise on account from Tilly’s Toys, Invoice No. 311, $2,800, terms 2/10, n/30.
3 Purchased merchandise on account from Scheer & Company, Invoice No. 812, 53,300, terms 1/10, n/30.
5 Returned merchandise purchased from Tilly’s Toys, receiving a credit memo on the amount owed, $300.
8 Purchased merchandise on account from Donna’s Dolls, Invoice No. 139, $2,900, 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, $350.
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, $2,650, terms n/30.
26 Purchased merchandise on account from lilly’s Toys, Invoice No. 375, $2,180, terms 2/10, n/30.
29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, 53,560, terms 1/10, n/30.

REQUIRED
1. Enter the transactions starting with page 16 of a general journal.
2. Post from die journal to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.




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  • CreatedJune 07, 2014
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