DATE Sept. 7 10 16 20 23 Apex Office Machines, Inc. Brown Paper Company Dalton Office Furniture Company Davis Corporation Zenn Furniture, Inc. 28 Name 30 TRANSACTIONS Creditors 3 Purchased desks for $8,020 plus a freight charge of $222 from Dalton Office Furniture Company, Invoice 4213, dated August 29; the terms are 30 days net. Accounting for Purchases and Accounts Payable Terms n/60 1/10, n/30 n/30 n/30 2/10, n/30 Balance $11,060 2,220 9,676 5,400 Purchased computers for $12,300 from Apex Office Machines, Inc., Invoice 9217, dated September 2, net due and payable in 60 days. Received Credit Memorandum 511 for $700 from Dalton Office Furniture Company; the amount is an allowance for damaged but usable desks purchased on Invoice 4213, dated August 29. Purchased file cabinets for $2,656 plus a freight charge of $134 from Davis Corporation, Invoice 8066, dated September 11; the terms are 30 days net. Purchased electronic desk calculators for $1,100 from Apex Office Machines, Inc., Invoice 11011, dated September 15, net due and payable in 60 days. Purchased bond paper and copy machine paper for $8,500 plus a freight charge of $100 from Brown Paper Company, Invoice 6498, dated September 18; the terms are 1/10, n/30. Received Credit Memorandum 312 for $980 from Apex Office Machines, Inc., for defective calculators that were returned; the calculators were originally purchased on Invoice 11011, dated September 15. Purchased office chairs for $3,940 plus a freight charge of $170 from Zenn Furniture, Inc., Invoice 696, dated September 25; the terms are 2/10, n/30. Analyze: What total amount was recorded for purchases returns and allowances in the month of September? What percentage of total purchases does this represent?
DATE Sept. 7 10 16 20 23 Apex Office Machines, Inc. Brown Paper Company Dalton Office Furniture Company Davis Corporation Zenn Furniture, Inc. 28 Name 30 TRANSACTIONS Creditors 3 Purchased desks for $8,020 plus a freight charge of $222 from Dalton Office Furniture Company, Invoice 4213, dated August 29; the terms are 30 days net. Accounting for Purchases and Accounts Payable Terms n/60 1/10, n/30 n/30 n/30 2/10, n/30 Balance $11,060 2,220 9,676 5,400 Purchased computers for $12,300 from Apex Office Machines, Inc., Invoice 9217, dated September 2, net due and payable in 60 days. Received Credit Memorandum 511 for $700 from Dalton Office Furniture Company; the amount is an allowance for damaged but usable desks purchased on Invoice 4213, dated August 29. Purchased file cabinets for $2,656 plus a freight charge of $134 from Davis Corporation, Invoice 8066, dated September 11; the terms are 30 days net. Purchased electronic desk calculators for $1,100 from Apex Office Machines, Inc., Invoice 11011, dated September 15, net due and payable in 60 days. Purchased bond paper and copy machine paper for $8,500 plus a freight charge of $100 from Brown Paper Company, Invoice 6498, dated September 18; the terms are 1/10, n/30. Received Credit Memorandum 312 for $980 from Apex Office Machines, Inc., for defective calculators that were returned; the calculators were originally purchased on Invoice 11011, dated September 15. Purchased office chairs for $3,940 plus a freight charge of $170 from Zenn Furniture, Inc., Invoice 696, dated September 25; the terms are 2/10, n/30. Analyze: What total amount was recorded for purchases returns and allowances in the month of September? What percentage of total purchases does this represent?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Problem 8.4A What total amount was recorded for purchases returns and allowances in the month of September? What percentage of total purchases does this represent? See attached information.
Transcribed Image Text:DATE
Sept.
3
7
10
16
20
23
Apex Office Machines, Inc.
Brown Paper Company
Dalton Office Furniture Company
Davis Corporation
Zenn Furniture, Inc.
28
30
Name
TRANSACTIONS
Creditors
Accounting for Purchases and Accounts Payable
Terms
n/60
1/10, n/30
n/30
n/30
2/10, n/30
Balance
$11,060
2,220
9,676
5,400
Purchased desks for $8,020 plus a freight charge of $222 from Dalton Office
Furniture Company, Invoice 4213, dated August 29; the terms are 30 days net.
Purchased computers for $12,300 from Apex Office Machines, Inc., Invoice 9217,
dated September 2, net due and payable in 60 days.
Received Credit Memorandum 511 for $700 from Dalton Office Furniture Company;
the amount is an allowance for damaged but usable desks purchased on Invoice
4213, dated August 29.
Purchased file cabinets for $2,656 plus a freight charge of $134 from Davis
Corporation, Invoice 8066, dated September 11; the terms are 30 days net.
Purchased electronic desk calculators for $1,100 from Apex Office Machines, Inc.,
Invoice 11011, dated September 15, net due and payable in 60 days.
Purchased bond paper and copy machine paper for $8,500 plus a freight charge of
$100 from Brown Paper Company, Invoice 6498, dated September 18; the terms are
1/10, n/30.
Received Credit Memorandum 312 for $980 from Apex Office Machines, Inc., for
defective calculators that were returned; the calculators were originally purchased
on Invoice 11011, dated September 15.
Purchased office chairs for $3,940 plus a freight charge of $170 from Zenn Furniture,
Inc., Invoice 696, dated September 25; the terms are 2/10, n/30.
Analyze: What total amount was recorded for purchases returns and allowances in the month of
September? What percentage of total purchases does this represent?
C
Transcribed Image Text:Lawn and Gardens Supply
Warren Industrial Products
n/30
2/10, n/30
Analyze: What total freight charges were posted to the general ledger for the month of July?
Journalizing credit purchases and purchases returns and allowances,
posting to the general ledger, posting to the accounts payable ledger,
and preparing a schedule of accounts payable.
6,540
Office Plus is a retail business that sells office equipment, furniture, and supplies. Its credit
purchases and purchases returns and allowances for September are shown below. The general
ledger accounts and the creditors' accounts in the accounts payable subsidiary ledger used to record
these transactions are also provided. All balances shown are for the beginning of September.
INSTRUCTIONS
1. Open the general ledger accounts and enter the balance of Accounts Payable for
September 1, 20X1.
4.
5.
2.
Open the creditors' accounts in the accounts payable subsidiary ledger and enter the balances
for September 1.
-3.
Record the transactions in a three-column purchases journal and in a general journal. Use 5 as
the page number for the purchases journal and 14 as the page number for the general journal.
Post to the accounts payable subsidiary ledger daily.
Post the entries from the general journal to the proper general ledger accounts at the end of
the month.
GENERAL LEDGER ACCOUNTS
205 Accounts Payable, $28,356 Cr.
501
Purchases
502
Freight In
503 Purchases Returns and Allowances
6.
Total and rule the purchases journal as of September 30.
7. Post the column totals from the purchases journal to the proper general ledger accounts.
8.
Prepare a schedule of accounts payable and compare the balance of the Accounts Payable
control account with the schedule of accounts payable.
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