Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. The firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions: DATE TRANSACTIONS 20X1 April 1 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision supplies and added to the invoice (total amount due, $1,050). 3 Purchased lenses on credit for $960 from Lens Nation, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $4,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,300. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998). 27 Issued Check 102 for $560 to Lens Nation, Inc., in partial payment of Invoice 998 dated April 3. 30 Recorded various purchases of merchandise for cash from April 16 to April 30, $2,570. 30 Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB: The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms...

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Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. The firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions:

DATE		TRANSACTIONS
20X1
April	1		Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision supplies and added to the invoice (total amount due, $1,050).
	3		Purchased lenses on credit for $960 from Lens Nation, Inc., Invoice 998, terms n/30.
	11		Purchased DVD camcorders on credit for $4,700 from Optical Products, Invoice 4101, terms n/30.
	15		Recorded various purchases of merchandise for cash from April 1 to April 15, $2,300.
	26		Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998).
	27		Issued Check 102 for $560 to Lens Nation, Inc., in partial payment of Invoice 998 dated April 3.
	30		Recorded various purchases of merchandise for cash from April 16 to April 30, $2,570.
	30		Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1.

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