Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns,...
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Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11. 12 Paid Invoice 2177 to Sundance Furniture. Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co. Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1,745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2. Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3. Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11. 12 Paid Invoice 2177 to Sundance Furniture. Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co. Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1,745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2. Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3.
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