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ACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)
ACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)
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ACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)

                This Tutorial contains an Excel File which can be used for any change in values

ACC 291 Week 2 Apply Connect Assignment

Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:

DATE

TRANSACTIONS

2019

Sept.

2

Purchased ski boots for $5,200 plus a freight charge of $250 from Colorado Ski Shop, Invoice 6672, terms n/30.

3

Purchased skis for $10,800 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30.

7

Received Credit Memorandum 165 for $860 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672.

11

Purchased ski jackets for $3,600 from Cold Mountain Clothing Company, Invoice 4091, terms n/30.

12

Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount.

22

Purchased ski poles for $3,360 plus a freight charge of $190 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.

23

Purchased ski pants for $1,850 from Swenson Ski Goods, Invoice 528, terms n/30.

25

Received Credit Memorandum 245 for $260 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528.

27

Purchased ski sweaters for $4,000 plus a freight charge of $170 from Colorado Ski Shop, Invoice 6722, terms n/30.

30

Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.

Required:

Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balance of Cash as of September 1, 2019.

Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger.

Prepare a schedule of accounts payable.

GENERAL LEDGER ACCOUNTS

101

Cash, $25,000 Dr.

201

Accounts Payable

501

Purchases

502

Freight In

503

Purchases Returns and Allowances

504

Purchases Discounts

ACCOUNTS PAYABLE LEDGER ACCOUNTS

Alaska Supply Company

Cold Mountain Clothing Company

Colorado Ski Shop

Swenson Ski Goods

Analyze:

What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item.

NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:

DATE

TRANSACTIONS

2019

June

1

Issued Check 101 to purchase merchandise, $3,800.

3

Purchased merchandise for $1,350 from BioCenter Inc., Invoice 606; terms 2/10, n/30.

5

Purchased merchandise for $5,150, plus a freight charge of $100, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30.

9

Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102

10

Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $350 that was returned; the goods were purchased on Invoice 1011, dated June 5.

11

Purchased merchandise for $1,610 from BioCenter Inc., Invoice 612; terms 2/10, n/30.

14

Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103.

15

Purchased merchandise with a list price of $8,500 and trade discounts of 20 percent and 15 percent from Park Research, Invoice 1029, terms n/30.

20

Issued Check 104 to purchase merchandise, $2,300.

25

Returned merchandise purchased on June 20 as defective, receiving a cash refund of $210.

30

Purchased merchandise for $2,500, plus a freight charge of $78, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.

Required:
Journalize the transactions in a general journal.

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