High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski
Question:
High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the journal page number.
Analyze:
What was the amount of the cash discount on September 12?
Transcribed Image Text:
DATE 20X1 Sept. 2 3 7 11 12 22 23 25 27 30 TRANSACTIONS Purchased ski boots for $7,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $13,200 from Black Ice Supply Company, Invoice 5916; terms 3/10, n/30. Received Credit Memorandum 165 for $1,100 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $4,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Black Ice Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $5,760 plus a freight charge of $170 from Black Ice Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $3,200 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $320 from White Fire Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. Purchased ski sweaters for $3,750 plus a freight charge of $200 from Colorado Ski Shop, Invoice 6722, terms n/30. Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.
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The cash discount on September 12 was 396 Calculation Invoic...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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