Debbie Mueller owns a small retail business called Debbies Doll House. The cash account has a balance
Question:
Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:
July 1 Issued Check No. 314 for July rent, $1,400.
1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30.
3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30.
5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400.
8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30.
11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.
13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount.
15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600.
18 Issued Check No. 317 to Downtown Merchants for merchandise purchased on account, less return of July 15 and less 2% discount.
25 Purchased merchandise on account from Columbia Products, Invoice No. 468, $3,200, terms n/30.
26 Purchased merchandise on account from Topper’s Toys, Invoice No. 395, $1,430, terms 2/10, n/30.
29 Purchased merchandise on account from Jones & Company, Invoice No. 853, $2,970, terms 1/10, n/30.
REQUIRED
1. Enter the transactions in a general journal.
2. Post from the journal to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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