create a journal DATE TRANSACTIONS 20X1 Sept. 2 Purchased ski boots for $6,100 plus a freight...

create a journal

DATE		TRANSACTIONS
20X1
Sept.	2	Purchased ski boots for $6,100 plus a freight charge of $260 from Colorado Ski Shop, Invoice 6672, terms n/30.
	3	Purchased skis for $11,700 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30.
	7	Received Credit Memorandum 165 for $950 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 $4,500 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 $4,260 plus a freight charge of $145 from Alaska Supply Company, Invoice 5950; terms 3/10, n/30.
	23	Purchased ski pants for $2,750 from Swenson Ski Goods, Invoice 528, terms n/30.
	25	Received Credit Memorandum 245 for $350 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 $3,100 plus a freight charge of $125 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.

Expert Solution

I have assumed perpetual inventory system

Date	Account Titles	Debit	Credit
Sep. 2	Inventory	$ 6,360
	Accounts Payable-Colorado		$ 6,360

Sep. 3	Inventory	$ 11,700
	Accounts Payable-Alaska		$ 11,700

Sep. 7	Accounts Payable-Colorado	$ 950
	Inventory		$ 950

Sep. 11	Inventory	$ 4,500
	Accounts Payable-Cold		$ 4,500

Sep. 12	Accounts Payable-Alaska	$ 11,700
	Inventory		$ 234
	Cash		$ 11,466

Sep. 22	Inventory	$ 4,405
	Accounts Payable-Alaska		$ 4,405

Sep. 23	Inventory	$ 2,750
	Accounts Payable-Swenson		$ 2,750

Sep. 25	Accounts Payable-Swenson	$ 350
	Inventory		$ 350

Sep. 27	Inventory	$ 3,225
	Accounts Payable-Colorado		$ 3,225

Sep. 30	Accounts Payable-Colorado	$ 5,410
	Cash		$ 5,410

ekkarill92 answered 1 year ago

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