Business, 02.12.2021 01:50 robertotugalanp1wlgs

Purchases Journal, Cash Payments Journal, and General Journal Freddy Flint owns a small retail business called Flint's Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 414 in payment of July rent, $1,500.
1 Purchased merchandise on account from Tangâ€™s Toys, Invoice No. 311, $2,700, terms 2/10, n/30.
July 3 Purchased merchandise on account from Sillas & Company, Invoice No. 812, $3,100, terms 1/10, n/30.
5 Returned merchandise purchased from Tangâ€™s Toys, receiving a credit memo on the amount owed, $500.
8 Purchased merchandise on account from Daisyâ€™s Dolls, Invoice No. 139, $1,900, terms 2/10, n/30.
11 Issued Check No. 415 to Tangâ€™s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.
13 Issued Check No. 416 to Sillas & Company for merchandise purchased on account, less 1% discount.
15 Returned merchandise purchased from Daisyâ€™s Dolls, receiving a credit memo on the amount owed, $400.
18 Issued Check No. 417 to Daisyâ€™s Dolls for merchandise purchased on account, less return of July 15 and less 2% discount.
25 Purchased merchandise on account from Allied Business, Invoice No. 489, $2,450, terms n/30.
26 Purchased merchandise on account from Tangâ€™s Toys, Invoice No. 375, $1,980, terms 2/10, n/30.
29 Purchased merchandise on account from Sillas & Company, Invoice No. 883, $3,460, terms 1/10, n/30.
31 Freddy Flint withdrew cash for personal use, $2,000. Issued Check No. 418.
31 Issued Check No. 419 to Glisan Distributors for a cash purchase of merchandise, $975.

Required:
a. Record the transactions in the purchases journal, cash payments journal, and general journal.
b. Post from the journals to the general ledger and accounts payable ledger accounts.

Answers: 2

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Purchases Journal, Cash Payments Journal, and General Journal Freddy Flint owns a small retail busin...