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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.

Solutions

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

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