23 24 lets handle 23 first Info needed 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 35770 Credit 501 Purchases 502 Freight In 503 Purchases returns and allowances DATE TRANSACTIONS July 1 Purchased lawn mowers for 9100 plus a freight charge of 238 from Charleston Corporation Invoice 1011 dated June 26 net due and payable in 60 days July 5 Purchased outdoor chairs and tables for 4260 plus a freight charge of 541 from Cedarbrook Garden Center Invoice 639 dated July 2 net due and payable in 45 days July 9 Purchased grass seed for 1170 from Lawn and Gardens Supply Invoice 8164 dated July 5 the terms are 30 days net July 16 Received Credit Memorandum 110 for 490 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 July 19 Purchased fertilizer for 1090 plus a freight charge of 245 from Lawn and Gardens Supply Invoice 9050 dated July 15 the terms are 30 days net July 21 Purchased hoses from Dunn Rubber Company for 3570 plus a freight charge of 213 Invoice 1785 dated July 17 terms are 115 n60 July 28 Received Credit Memorandum 223 for 320 from Dunn Rubber Company for damaged hoses that were returned the goods were purchased on Invoice 1785 dated July 17 July 31 Purchased lawn sprinkler systems for 10200 plus a freight charge of 267 from Warren Industrial Products Invoice 8985 dated July 26 the terms are 210 n30 Required steps for 23 Open the general ledger accounts and enter the balance of Accounts Payable for July 1 Record the transactions in a threecolumn purchases journal and in a general journal Post the entries from the general journal to the proper general ledger accounts Total and prove the purchases journal as of July 31 Post the column totals from the purchases journal to the proper general ledger accounts Compute the net delivered cost of the firms purchases for the month of July Ledgers Post the opening balances and transactions into the appropriate ledger accounts Accounts Payable Account Number 205 Purchases Account Number 501 Date Debit Credit Balance Date Debit Credit Balance July 1 20X1 35770 July 31 20X1 29390 29390 Freight In Account Number 502 Purchases Returns and Allowances Account Number 503 Date Debit Credit Balance Date Debit Credit Balance July 31 20X1 1504 1504 July 16 20X1 490 490 July 28 20X1 320 810 Purchases Journal Prepare a threecolumn purchase journal to record the above transactions for 20X1 PURCHASES JOURNAL Date Purchased From Invoice Number Invoice Date Terms Accounts Payable Credit Purchases Debit Freight In Debit July 01 Charleston Corporation 1011 626 n60 9338 9100 238 July 05 Cedarbrook Garden Center 639 72 n45 4801 4260 541 July 09 Lawn and Gardens Supply 8164 75 n30 1170 1170 0 July 19 Lawn and Gardens Supply 9050 715 n30 1335 1090 245 July 21 Dunn Rubber Company 1785 717 115 n60 3783 3570 213 July 31 Warren Industrial Products 8985 726 210 n30 10467 10200 267 July 31 Totals 30894 29390 1504 General Journal Record transactions in the general journal Journal entry worksheet Record the first entry required in the general journal Transaction Account Title Debit Credit 1 Accounts payableCedarbrook Garden Center 490 Purchases returns and allowances 490 Record the second entry required in the general journal Transaction Account Title Debit Credit 2 Accounts payableDunn Rubber Company 320 Purchases returns and allowances 320 Purchases Compute the net delivered cost of the firms purchases for the month of July Purchases 29390 Freight In 1504 Delivered cost of purchases 30894 less purchases returns allowances 810 Net delivered cost of purchases 30084