olo owns a varlety store called Stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March.Purchased $2,000 of merchandtse from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/1o, n/30.Pald rent for the month of March. Issued Check 145 for $2,100.Purchased merchandise from Taylor Supplies. Issued Chedk 146 for $1,65o.Purchased $2,400 of merchandise from Fuentes Co. on aCDount, Involce 2178. Credit berms 1/15, /30.Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11.Pald Involce 2177 to Sundance Furmiture. 1Issued check 147 for $1,940.40.s Purchased $3,700 of merchandise (Indluded $150 frelght) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt.- Purchased $210 of office supplies from willow Inc. on account, Invoce 2180. Credit terms 2/10, n/30.Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980.Pald Involce 2179 to Sky Divers Inc. Issued Check 149 for $3,700.- Purchased $1,745 of merchandise from Sundance Fumiture on account, Involce 2181. Credit terms 2/10, n/30.dal chart of accounts Is as follows (assume Cash has an existing balance of $20,000):CashOffice SuppliesAccounts PayablePurchasesPurchases Returns and AllowancesPurchases DiscountsFreight-InRent Expenseired:-Enter the transactions In purchase journal using the above Information, as appropriate.PURCHASES JOURNALPage 6InvoiceFrom WhomPurchases Debit/ceNo.PurchasedPost. Ref. Accounts Payable Credit2.2 2177 Sundance Furniture8 2178Fuentes Co.V.13 2179 Sky Divers Inc.V.27 2181Sundance Purniture(501) (202)). Enter the transactions in a cash payments journal. Total, rule, and prove the cash payments journal. If an amount box does not require an entry, leave it blank, If required, round answers to the nearest cent.CASH PAYMENTS JOURNALPage 4My Werk Rre Check My Wark sas renarng genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress-falseDateNo.PurchasedPost. Ret. AcCouTts Payable CreditMar. 22177 Sundance Purnibure2178Fuentes Co.132179 Sky Dvers Inc.27 2181Sundance Purniture(501) (202)1 (ii). Enter the transactions In a cash payments journal. Total, rule, and prove the cash payments journal. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest centCASH PAYMENTS JOURNALPage 4GeneralAccounts PayablePurchases DiscountsDebitDebitPurchases DebitCreditCash CreditDate check No. Account Debited Post. Ref.Mar. 2145Rent Expense5216.146Taylor Supplies12147Sundance Furniture23148Fuentes Co.26149Sky Divers Inc(V)(202)(501)(501.2)(101)1 (iii). Journalize the above transactions. If an amount box does not require an entry, leave It blank.Page: 1POST.DATEDESCRIPTIONDEBITCREDITREF.1 Mar. 11202/v1501.1250233 Mar. 134202/v4.5 Már, 16142202/v6.(1). Post to the proper general ledger accounts. If an amount box does not require an entry, leave It blank. If required, round answers to the nearest cent. Enter transactions In chronological order.ck My Work 1 mara Chack My Wark uses rarnaining.

Part (i) Purchase Journal Date Invoice No. Purchased Accounts Payable Credit Mar-02 2177…

plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March. Purchased $2,000 of merchandise from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/10, n/30. Pald rent for the month of Manrch. Issued Check 145 for $2,10o. Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. Purchased $2,400 of merchandise from Fuentes Co. on account, Involce 2178. Credit terms 1/15, n/30. Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11. Pald Involce 2177 to Sundance Furmiture. Issued check 147 for $1,940.40. Purchased $3,700 of merchandise (Induded $150 freight) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt. Purchased $210 of office supplies from Willow Inc. on account, Involce 2180. Credit terms 2/10, n/30. Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980. Pald Involce 2179 to Sky Divers Inc. Issued Check 149 for $3,700. Purchased $1,745 of merchandise from Sundance Fumiture on account, Involce 2181. Credit terms 2/10, n/30. dal chart of accounts Is as follows (assume Cash has an existing balance of $20,000): Cash Office Supplies Accounts Payable Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense ired: - Enter the transactions In purchase journal using the above information, as appropriate. PURCHASES JOURNAL Page 6 Invoice From Whom Purchases Debit/ ce No. Purchased Post. Ref. Accounts Payable Credit 2177 Sundance Furniture 2178 Fuentes Co. 13 2179 Sky Divers Inc. 27 2161 Sundance Furniture (501) (202)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q