Problem - Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred.
|
Date
|
Transaction
|
|
Mar. 1
|
Purchased merchandise on account from Big Bags Inc., $2500.00. Inv 81 dated 3/1, terms 2/10, n/30.
|
|
9
|
Purchased merchandise on account from Little Bags & Belts, LLC, gross amount $672.50 less 20% trade discount. Inv 10567 dated 3/9, terms 1/15, n/30.
|
|
9
|
Issued check 536 to Big Bags Inc. for Invoice 81 less 2% discount.
|
|
18
|
Received a credit memo from Little Bags & Belts, LLC for defective merchandise, $38.00. CM 10624
|
|
19
|
Purchased merchandise on account from Donna Little Emporium, $800 plus $50 freight. Inv 5543 dated 3/15, terms 2/10, n/30.
|
|
22
|
Issued check 537 to UPS for freight in on merchandise, $250.
|
|
23
|
Issued check 538 to Little Bags & Belts for balance owed less allowable discounts.
|
|
28
|
Issued check 539 to The Leather Shoppe for cash purchase of merchandise, $75.
|
|
31
|
Issued check 540 to Donna Little Emporium, $425. No discount allowed.
|
|
31
|
Purchased merchandise on account from Big Bags Inc., $2250.00. Inv 95 dated 3/30, terms 2/10, n/30.
|
Instructions;
1- Enter the above transactions in the general journal.
2- Post the entries from the journal to the general ledger and subsidiary ledgers provided.
3- Prepare a schedule of accounts payable as of March 31, 20--.
Attachment:- Assignment File.rar