Purchases and Cash Payments TransactionsEmily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $21,000 on July 1. The following transactions occurred during July:July 1 Issued Check No. 414 in payment of July rent, $2,500.1 Purchased merchandise on account from Tilly’s Toys, Invoice No. 311, $2,800, terms 2/10, n/30.3 Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,300, terms 1/10, n/30.5 Returned merchandise purchased from Tilly’s Toys, receiving a credit memo on the amount owed, $300.8 Purchased merchandise on account from Donna’s Dolls, Invoice No. 139, $2,900, terms 2/10, n/30.11 Issued Check No. 415 to Tilly’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.13 Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount.15 Returned merchandise purchased from Donna’s Dolls, receiving a credit memo on the amount owed, $350.18 Issued Check No. 417 to Donna’s Dolls for merchandise purchased on account, less return of July 15 and less 2% discount.25 Purchased merchandise on account from Applied Business, Invoice No. 489, $2,650, terms n/30.26 Purchased merchandise on account from Tilly’s Toys, Invoice No. 375, $2,180, terms 2/10, n/30.29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,560, terms 1/10, n/30. Required:1. Enter the transactions starting with page 16 of a general journal. Enter the posting references when you complete part 2.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Enter the transactions starting with…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 10SPB: SALES TRANSACTIONS T. M. Maxwell owns a retail business and made the following sales on account...

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Purchases and Cash Payments Transactions

Emily Frank owns a small retail business called Frank’s Fantasy. The cash account has a balance of $21,000 on July 1. The following transactions occurred during July:

July 1		Issued Check No. 414 in payment of July rent, $2,500.
1		Purchased merchandise on account from Tilly’s Toys, Invoice No. 311, $2,800, terms 2/10, n/30.
3		Purchased merchandise on account from Scheer & Company, Invoice No. 812, $3,300, terms 1/10, n/30.
5		Returned merchandise purchased from Tilly’s Toys, receiving a credit memo on the amount owed, $300.
8		Purchased merchandise on account from Donna’s Dolls, Invoice No. 139, $2,900, terms 2/10, n/30.
11		Issued Check No. 415 to Tilly’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.
13		Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount.
15		Returned merchandise purchased from Donna’s Dolls, receiving a credit memo on the amount owed, $350.
18		Issued Check No. 417 to Donna’s Dolls for merchandise purchased on account, less return of July 15 and less 2% discount.
25		Purchased merchandise on account from Applied Business, Invoice No. 489, $2,650, terms n/30.
26		Purchased merchandise on account from Tilly’s Toys, Invoice No. 375, $2,180, terms 2/10, n/30.
29		Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,560, terms 1/10, n/30.

Required:

1. Enter the transactions starting with page 16 of a general journal. Enter the posting references when you complete part 2.

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