Problem 8.2A Posting to the accounts payable ledger and preparing a schedule of
ID: 2582995 • Letter: P
Question
Problem 8.2A Posting to the accounts payable ledger and preparing a schedule of accounts payable. LO 8-4, 8-6 Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 2019 appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June GENERAL LEDGER ACCOUNTS 205 Accounts Payable, $14,254 Cr 501 Purchases 502 Freight In 503 Purchases Returns and Allowances DATE TRANSACTIONS June Purchased instant cameras for $2,020 plus a freight charge of $215 8 Purchased ilm for $1,391 rom Photo Supplies, Invoice 1102, dated 12 Purcha8ed lense8 for $913 from Nano Glass, Invoice 7282, dated June 9; 18 Received Credit Memorandum 110 for $385 from Pro Photo Equipment for 20 Purchased color film for $1,170 plus freight of $72 from Photo 23 Purchased camera cases for $1,953 from Hi-Qual Case, Invoice 3108, 28 Purchased lens filters for $2,440 plus freight of $117 from Holtz 30 Received Credit Memorandum 1108 for $295 from Hi-Qual Case; the amount from Pro Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net June 3, net payable in 45 days the terms are 1/10, n/60 defective cameras that were returned they were originally purchased on Invoice 4241, dated Hay 27 Supplies, Invoice 1148, dated June 15, net payable in 45 days dated June 18, net due and payable in 45 days Spectrum, Invoice 5027, dated June 24; the terms are 2/10, n/30 is an allowance for damaged but usable goods purchased on Invoice 3108, dated June 18 Creditors Terms Name Photo Supplies Hi-Qual Case Pro Photo Equipment n/60 Nano Glass Holtz Spectrum n/45 n/45 Balance 10,550 1,270 2,434 1/10, n/60 2/10, n/30Explanation / Answer
Hi Qual Case Term n/45 Holtz Spectrum Terms 2/10, n/30 Date Debit Credit Balance Date Debit Credit Balance June 01, 2019 Bal b/d 1270 1270 June 23, 2019 Purchase 1953 3223 June 28, 2019 Purchase 2440 2440 (Invoice No. 3108) (Invoice No. 5027) June 30, 2019 Purchase Return 295 2928 (Credit Memorandum No:1108) Nano Glass Terms 1/10, n/60 Photo Supplies Term n/45 Date Debit Credit Balance Date Debit Credit Balance June 01, 2019 Bal b/d 2434 2434 June 01, 2019 Bal b/d 10550 10550 June 08, 2019 Purchase 913 3347 June 08, 2019 Purchase 1391 11941 (Invoice No. 7282) (Invoice No. 1102) June 20, 2019 Purchase 1170 13111 (Invoice No. 1148) Pro Photo Equipment Term n/60 Date Debit Credit Balance June 01, 2019 Purchase 2020 2020 (Invoice No. 4241) June 18, 2019 Purchase Return (Credit Memorandum No:110) 385 1635