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: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 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 $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. September 30, 20x1 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.
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: DATE September 2, 20x1 September 3, 20x1 September 7, 20x1 September 11, 20x1 September 12, 20x1 September 22, 20x1 September 23, 20x1 September 25, 20x1 September 27, 20x1 TRANSACTIONS Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672, terms n/30. Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30. Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30. Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30. Received Credit Memorandum 245 for $230 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 $4,300 plus a freight charge of $185 from Colorado Ski Shop, Invoice 6722, terms n/30. September 30, 20x1 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: 2a. Post the transactions to the appropriate accounts in the general ledger. 2b. Post the transactions to the appropriate accounts in the accounts payable ledger. 3. Prepare a schedule of accounts payable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
GENERAL LEDGER ACCOUNTS
| 101 | Cash, $24,000 Debit |
|---|---|
| 201 | Accounts Payable |
| 501 | Purchases |
| 502 | Freight In |
| 503 | Purchases Returns and Allowances |
| 504 | Purchases Discounts |
Transcribed Image Text: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:
DATE
September 2, 20x1
September 3, 20x1
September 7, 20x1
September 11, 20x1
September 12, 20x1
September 22, 20x1
September 23, 20x1
September 25, 20x1
September 27, 20x1
September 30, 20X1
TRANSACTIONS
Purchased ski boots for $4,900 plus a freight charge of $280 from Colorado Ski Shop, Invoice 6672,
terms n/30.
Purchased skis for $10,500 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30.
Received Credit Memorandum 165 for $830 from Colorado Ski Shop for return of damaged ski boots; the
boots were originally purchased September 2 on Invoice 6672.
Purchased ski jackets for $3,300 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.
Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the
cash discount.
Purchased ski poles for $3,060 plus a freight charge of $205 from Alaska Supply Company, Invoice
5950; terms 3/10, n/30.
Purchased ski pants for $1,550 from White Fire Ski Goods, Invoice 528, terms n/30.
Received Credit Memorandum 245 for $230 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 $4,300 plus a freight charge of $185 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.
Required:
2a. Post the transactions to the appropriate accounts in the general ledger.
2b. Post the transactions to the appropriate accounts in the accounts payable ledger.
3. Prepare a schedule of accounts payable.
Transcribed Image Text:Post the transactions to the appropriate accounts in the general ledger.
Date
September 1, 20X1
Cash
Purchases
Date
Date
Debit
Debit
Purchases Returns and Allowances
Debit
Account Number 101
Credit
Balance
Account Number 501
Credit
Balance
Account Number 503
Credit
Balance
Accounts Payable
Date
Date
Freight In
Date
Debit
Debit
Purchases Discounts
Debit
Account Number 201
Balance
Credit
Account Number 502
Credit
Balance
Account Number 504
Credit
Balance
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