On March 19, Modern Kitchens, a retail store, received Credit Memorandum 244 for $4,290 from J...

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On March 19, Modern Kitchens, a retail store, received Credit Memorandum 244 for $4,290 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors originally purchased on Invoice 4101 dated February 3. Prepare the general journal entry that Modern Kitchens would make for this transaction. View transaction list Journal entry worksheet < 1 Record for the credit memo received for damaged merchandise. > The following transactions took place at Auto Parts Pros during the first week of July. DATE TRANSACTIONS July 1 Purchased batteries for $1,970 plus a freight charge of $123 from Longlife Batteries Corporation; received Invoice 6812, dated June 27, which has terms of n/30. July 3 Purchased mufflers for $3,160 plus a freight charge of $80 from Xtreme Mufflers; received Invoice 441, dated June 30, which has terms of 1/10, n/60. July 5 Purchased car sound systems for $2,380 plus freight of $118 from Performance Sounds Shop, Incorporated; received Invoice 5601, dated July 1, which has terms of 2/10, n/30. July 7 Purchased truck tires for $4,180 from Big Tires; received invoice 1102, dated July 6, which has terms of 2/10, n/30. The seller paid the freight charges. Indicate how these transactions would be entered in a purchases journal. Date Purchased From Purchases Journal Invoice Number Accounts Invoice Date Terms Payable Credit Purchases Debit Freight In Debit Complete the following schedule by supplying the missing information. Net Delivered Cost of Purchases Purchases Freight in Delivered cost of purchases Case A Case B $ 95,520 4,250 97,700 Less Purchases returns and allowances 3,905 Net delivered cost of purchases $ 93,800 $ 97,870 Camera King is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 20X1 appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June. GENERAL LEDGER ACCOUNTS Accounts payable, $14,104 Credit Purchases 205 501 502 503 Freight In DATE Purchases returns and allowances TRANSACTIONS June 1 Purchased digital cameras for $1,990 plus a freight charge of $200 from American Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. June 8 Purchased film for $1,388 from Fox Suppliers, Invoice 1102, dated June 3, net payable in 45 days. June 12 Purchased lenses for $910 from Great Lakes Lenses, Invoice 7282, dated June 9; the terms are 1/10, 1/60 . June 18 Received Credit Memorandum 110 for $370 from American Photo Equipment for defective cameras that were returned; they were originally purchased on Invoice 4241, dated May 27. June 20 Purchased film for $1,140 plus freight of $69 from Fox Suppliers, Invoice 1148, dated June 15, net payable in 45 days. June 23 Purchased camera cases for $1,950 from Performance Cameras, Invoice 3108, dated June 18, net due and payable in 45 days. June 28 Purchased lens filters for $2,410 plus freight of $114 from Sublime Stills, Invoice 5027, dated June 24; the terms are 2/10, 1/30. June 30 Received Credit Memorandum 1108 for $280 from Performance Cameras; the amount is an allowance for damaged but usable goods purchased on Invoice 3108, dated June 18. Required: 1. Open the general ledger accounts and enter the balance of Accounts Payable for June 1, 20X1. 2. Record the transactions in a three-column purchases journal and in a general journal. 3. Post entries from the general journal to the general ledger accounts. 4. Total the purchases journal as of June 30. 5. Post the column totals from the purchases journal to the proper general ledger accounts. 6. Compute the net delivered cost of purchases for the firm for the month of June. Analyze: What total purchases were posted to the Purchases general ledger account for June? Post the opening balances and transactions into the appropriate ledger accounts. Accounts Payable Date June 01, 20X1 Account Number 205 Debit Credit Balance Purchases Date Debit Account Number 501 Credit Balance Freight In Account Number 502 Purchases Returns and Allowances Account Number 503 Date Debit Credit Balance Date Debit Credit Balance Ledge Journal Journal Tyze Prepare a three-column purchase journal to record the above transactions for 20X1. PURCHASES JOURNAL Date Purchased From Invoice Number Date of Invoice Terms Accounts Payable Credit Purchases Debit Freight In Debit June 30, 20X1 Totals A Record the first entry required in the general journal. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record the second entry required in the general journal. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Complete this question by entering your answer in the tabs below. Ledgers Purchases Journal General Analyze Journal What total purchases were posted to the Purchases general ledger account for June? Compute the net purchases of the firm for the month of June. Total purchases Net purchases < General Journal Analyze > Office Plus is a retail business that sells office equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for September are shown below. The general ledger accounts and the creditors' accounts in the accounts payable subsidiary ledger used to record these transactions are also provided. All balances shown are for the beginning of September. GENERAL LEDGER ACCOUNTS 205 Accounts payable, $28,176 Credit 501 Purchases 502 Freight In 503 Purchases returns and allowances Name Creditors Terms n/60 Balance $ 10,880 1/10, n/30 2,040 n/30 9,496 n/30 2/10, n/30 5,760 Apex Office Machines, Incorporated Brown Paper Company Dalton Office Furniture Company Davis Corporation Zenn Furniture, Incorporated DATE TRANSACTIONS September 3 Purchased desks for $7,840 plus a freight charge of $204 from Dalton Office Furniture Company, Invoice 4213, dated August 29; the terms are 30 days net. September 7 Purchased computers for $10,500 from Apex Office Machines, Incorporated, Invoice 9217, dated September 2, net due and payable in 60 days. September 10 Received Credit Memorandum 511 for $520 from Dalton Office Furniture Company; the amount is an allowance for damaged but usable desks purchased on Invoice 4213, dated August 29. September 16 Purchased file cabinets for $2,476 plus a freight charge of $116 from Davis Corporation, Invoice 8066, dated September 11; the terms are 30 days net. September 20 Purchased electronic desk calculators for $1,000 from Apex Office Machines, Incorporated, Invoice 11011, dated September 15, net due and payable in 60 days. September 23 Purchased bond paper and copy machine paper for $6,700 plus a freight charge of $100 from Brown Paper Company, Invoice 6498, dated September 18; the terms are 1/10, n/30. September 28 Received Credit Memorandum 312 for $800 from Apex Office Machines, Incorporated, for defective calculators that were returned; the calculators were originally purchased on Invoice 11011, dated September 15. September 30 Purchased office chairs for $3,760 plus a freight charge of $152 from Zenn Furniture, Incorporated, Invoice 696, dated September 25; the terms are 2/10, n/30. Required: 1. Open the general ledger accounts and enter the balance of Accounts Payable for September 1, 20X1. 2. Open the creditors' accounts in the accounts payable subsidiary ledger and enter the balances for September 1. 3. Record the transactions in a three-column purchases journal and in a general journal. 4. Post to the accounts payable subsidiary ledger daily. 5. Post the entries from the general journal to the proper general ledger accounts at the end of the month. 6. Total the purchases journal as of September 30. 7. Post the column totals from the purchases journal to the proper general ledger accounts. 8. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable control account with the schedule of accounts payable. Analyze: What total amount was recorded for purchases returns and allowances in the month of September? What percentage of total purchases does this represent? On March 19, Modern Kitchens, a retail store, received Credit Memorandum 244 for $4,290 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors originally purchased on Invoice 4101 dated February 3. Prepare the general journal entry that Modern Kitchens would make for this transaction. View transaction list Journal entry worksheet < 1 Record for the credit memo received for damaged merchandise. > The following transactions took place at Auto Parts Pros during the first week of July. DATE TRANSACTIONS July 1 Purchased batteries for $1,970 plus a freight charge of $123 from Longlife Batteries Corporation; received Invoice 6812, dated June 27, which has terms of n/30. July 3 Purchased mufflers for $3,160 plus a freight charge of $80 from Xtreme Mufflers; received Invoice 441, dated June 30, which has terms of 1/10, n/60. July 5 Purchased car sound systems for $2,380 plus freight of $118 from Performance Sounds Shop, Incorporated; received Invoice 5601, dated July 1, which has terms of 2/10, n/30. July 7 Purchased truck tires for $4,180 from Big Tires; received invoice 1102, dated July 6, which has terms of 2/10, n/30. The seller paid the freight charges. Indicate how these transactions would be entered in a purchases journal. Date Purchased From Purchases Journal Invoice Number Accounts Invoice Date Terms Payable Credit Purchases Debit Freight In Debit Complete the following schedule by supplying the missing information. Net Delivered Cost of Purchases Purchases Freight in Delivered cost of purchases Case A Case B $ 95,520 4,250 97,700 Less Purchases returns and allowances 3,905 Net delivered cost of purchases $ 93,800 $ 97,870 Camera King is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 20X1 appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June. GENERAL LEDGER ACCOUNTS Accounts payable, $14,104 Credit Purchases 205 501 502 503 Freight In DATE Purchases returns and allowances TRANSACTIONS June 1 Purchased digital cameras for $1,990 plus a freight charge of $200 from American Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. June 8 Purchased film for $1,388 from Fox Suppliers, Invoice 1102, dated June 3, net payable in 45 days. June 12 Purchased lenses for $910 from Great Lakes Lenses, Invoice 7282, dated June 9; the terms are 1/10, 1/60 . June 18 Received Credit Memorandum 110 for $370 from American Photo Equipment for defective cameras that were returned; they were originally purchased on Invoice 4241, dated May 27. June 20 Purchased film for $1,140 plus freight of $69 from Fox Suppliers, Invoice 1148, dated June 15, net payable in 45 days. June 23 Purchased camera cases for $1,950 from Performance Cameras, Invoice 3108, dated June 18, net due and payable in 45 days. June 28 Purchased lens filters for $2,410 plus freight of $114 from Sublime Stills, Invoice 5027, dated June 24; the terms are 2/10, 1/30. June 30 Received Credit Memorandum 1108 for $280 from Performance Cameras; the amount is an allowance for damaged but usable goods purchased on Invoice 3108, dated June 18. Required: 1. Open the general ledger accounts and enter the balance of Accounts Payable for June 1, 20X1. 2. Record the transactions in a three-column purchases journal and in a general journal. 3. Post entries from the general journal to the general ledger accounts. 4. Total the purchases journal as of June 30. 5. Post the column totals from the purchases journal to the proper general ledger accounts. 6. Compute the net delivered cost of purchases for the firm for the month of June. Analyze: What total purchases were posted to the Purchases general ledger account for June? Post the opening balances and transactions into the appropriate ledger accounts. Accounts Payable Date June 01, 20X1 Account Number 205 Debit Credit Balance Purchases Date Debit Account Number 501 Credit Balance Freight In Account Number 502 Purchases Returns and Allowances Account Number 503 Date Debit Credit Balance Date Debit Credit Balance Ledge Journal Journal Tyze Prepare a three-column purchase journal to record the above transactions for 20X1. PURCHASES JOURNAL Date Purchased From Invoice Number Date of Invoice Terms Accounts Payable Credit Purchases Debit Freight In Debit June 30, 20X1 Totals A Record the first entry required in the general journal. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record the second entry required in the general journal. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Complete this question by entering your answer in the tabs below. Ledgers Purchases Journal General Analyze Journal What total purchases were posted to the Purchases general ledger account for June? Compute the net purchases of the firm for the month of June. Total purchases Net purchases < General Journal Analyze > Office Plus is a retail business that sells office equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for September are shown below. The general ledger accounts and the creditors' accounts in the accounts payable subsidiary ledger used to record these transactions are also provided. All balances shown are for the beginning of September. GENERAL LEDGER ACCOUNTS 205 Accounts payable, $28,176 Credit 501 Purchases 502 Freight In 503 Purchases returns and allowances Name Creditors Terms n/60 Balance $ 10,880 1/10, n/30 2,040 n/30 9,496 n/30 2/10, n/30 5,760 Apex Office Machines, Incorporated Brown Paper Company Dalton Office Furniture Company Davis Corporation Zenn Furniture, Incorporated DATE TRANSACTIONS September 3 Purchased desks for $7,840 plus a freight charge of $204 from Dalton Office Furniture Company, Invoice 4213, dated August 29; the terms are 30 days net. September 7 Purchased computers for $10,500 from Apex Office Machines, Incorporated, Invoice 9217, dated September 2, net due and payable in 60 days. September 10 Received Credit Memorandum 511 for $520 from Dalton Office Furniture Company; the amount is an allowance for damaged but usable desks purchased on Invoice 4213, dated August 29. September 16 Purchased file cabinets for $2,476 plus a freight charge of $116 from Davis Corporation, Invoice 8066, dated September 11; the terms are 30 days net. September 20 Purchased electronic desk calculators for $1,000 from Apex Office Machines, Incorporated, Invoice 11011, dated September 15, net due and payable in 60 days. September 23 Purchased bond paper and copy machine paper for $6,700 plus a freight charge of $100 from Brown Paper Company, Invoice 6498, dated September 18; the terms are 1/10, n/30. September 28 Received Credit Memorandum 312 for $800 from Apex Office Machines, Incorporated, for defective calculators that were returned; the calculators were originally purchased on Invoice 11011, dated September 15. September 30 Purchased office chairs for $3,760 plus a freight charge of $152 from Zenn Furniture, Incorporated, Invoice 696, dated September 25; the terms are 2/10, n/30. Required: 1. Open the general ledger accounts and enter the balance of Accounts Payable for September 1, 20X1. 2. Open the creditors' accounts in the accounts payable subsidiary ledger and enter the balances for September 1. 3. Record the transactions in a three-column purchases journal and in a general journal. 4. Post to the accounts payable subsidiary ledger daily. 5. Post the entries from the general journal to the proper general ledger accounts at the end of the month. 6. Total the purchases journal as of September 30. 7. Post the column totals from the purchases journal to the proper general ledger accounts. 8. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable control account with the schedule of accounts payable. Analyze: What total amount was recorded for purchases returns and allowances in the month of September? What percentage of total purchases does this represent?

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