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Secure https//newconnect.mheducation.com/flow/connect.html cess, place your bookmarks here on the bookmarks bar. Import bookmarks now... Saved 2 Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced b 1,2019. The fi on account during September 2019 follow purchases merchandise on open account. The firm's purchases, purchase returns and alowanc 2019 2 Purchased ski boots for $4,600 plus a freight charge of $110 from Colorado 3 Purchased skis for $18,200 froe Alaska Supply Company, Invoice 5916; t 7 Received Credit Remorandum 165 for $800 from Colorado Ski Shop for return of Ski Shop, Invoice 6672, terms n/30, 2/18, n/30. damaged ski boots; the boots were originally erms eBook purchased September 2 on 11 Purchased ski jackets for $3,0e0 from Cold Mountain Clothing Company, 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated 22 Purchased ski poles for $2,760 plus a freight charge of $220 from Alaska 23 Purchased ski pants for $1,250 from Suenson Ski Goods, Invoice 528, term 25 Received Credit PMemorandum 245 for $200 from Swenson Ski Goods for return of Invoice 6672 Invoice 4091, terms n/30 September 3, less the cash discount Supply Company, Invoice 5958, terms 3/10, n/se. n/30. defective sks pants; the pants were originally purchased September 23 on Print References 27 Purchased ski weaters for 54,600 plusa freight charge of $200 from 30 Issued check 110 to Colorado Ski Shop in payment of Invoice 6672, dated Invoice 528, Colorado Ski Shop, Invoice 6722, terms n/30e. Septenber 2, less the return of September 7. Required: Record the transactions in a general journal Analyze What was the amount of the cash discount on September 12 Complete this question by entering your answers in the tabs below General Journal Analyze Record the transactions in a general journal. e

Explanation / Answer

Solution:

Preparing the Journal Entries of the Above Transactions:

Analyze: The amount of the cash discount on September 12 was $204.

Date General Journal Debit Credit Sep 2 Purchases $4,600 Freight In $110 Accounts Payable/Colorado Ski Shop $4,710 (Purchased ski boots on account, Invoice 6672, n/30) Sept 3 Purchases $10,200 Accounts Payable/Alaska Supply Company $10,200 (Purchased skis on account, Invoice 5916, terms 1/10, n/30) Sept 7 Accounts Payable/Colorado Ski Shop $800 Purchases Returns and Allowances $800 (Received Credit Memorandum 165 for $800 for damaged ski boots purchased on Sept. 2) Sept 11 Purchases $3,000 Accounts Payable/Cold Mountain Clothing Company $3,000 (Purchased ski jackets on account, Invoice 4091, n/30) Sept 12 Accounts Payable/Alaska Supply Company $10,200 Purchases Discounts ($10,200 * 2%) $204 Cash ($10,200 - $204) $9,996 (Paid amount due on Invoice 5916, Check 104) Sept 22 Purchases $2,760 Freight In $220 Accounts Payable/Alaska Supply Company $2,980 (Purchased ski poles on account, Invoice 5950, terms 1/10, n/30) Sept 23 Purchases $1,250 Accounts Payable/Swenson Ski Goods $1,250 (Purchased ski pants on account, Invoice 528, n/30) Sept 25 Accounts Payable/Swenson Ski Goods $200 Purchases Return and Allowances $200 (Received Credit Memorandum 245 for $200 for defective ski pants, original purchase made on Sept. 23) Sept 27 Purchases $4,600 Freight In $200 Accounts Payable/Colorado Ski Shop $4,800 (Purchased ski sweaters on account, Invoice 6722, n/30) Sept 30 Accounts Payable/Colorado Ski Shop $3,910 Cash ($4,710 - $800) $3,910 (Paid amount due on Invoice 6672 less return of Sept. 7, Check 110)

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