Big Country Ski Shop is a retail store that sells ski equipment and clothing. Bi

Question

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 2819 sept. 2 Purchased ski boots for $4,600 plus a freight charge of $310 from Colorado Ski shop, Invoice 6672, terms n/30. 3 Purchased skis for $10,200 from Alaska supply Company, Invoice 5916; terms 2/10, n(3 oints t 7 Received Credit Memorandum 165 for $800 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 $3,000 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 eBook the cash discount 22 Purchased ski poles for $2,760 plus a freight charge of $220 from Alaska Supply company 23 Purchased ski pants for $1,250 from Swenson ski Goods, Invoice 528, terms n/30. Invoice 5950, terms 3/10, n/30 25 Received Credit Memorandum 245 for $200 from Swenson Ski Goods for return of defective ski 27 Purchased ski sweaters for $4,600 plus a freight charge of $200 from Colorado Ski Shop, Invoice 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the References pants; the pants were originally purchased September 23 on Invoice 528. 6722, terms n/30 return of September 7 Required: 1. Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter the balance of Cash as of September 1, 2019 2. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger 3. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS 101 cash, $23,800 Dr 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts

Explanation / Answer

Journal Entry 02.09.2019 Purchases $4,600 Freight In $310 To Colorado Ski Shop $4,910 03.09.2019 Purchases $10,200 To Alaska Supply Company $10,200 07.09.2019 Colorado Ski Shop $800 To Purchases Returns and Allowance $800 11.09.2019 Purchases $3,000 To Cold Mountain Clothing Company $3,000 12.09.2019 Alaska Supply Company $10,200 To Purchases Discounts $204 To Cash $9,996 22.09.2019 Purchases $2,760 Freight In $220 To Alaska Supply Company $2,980 23.09.2019 Purchases $1,250 To Swenson Ski Goods $1,250 25.09.2019 Swenson Ski Goods $200 To Purchases Returns and Allowance $200 27.09.2019 Purchases $4,600 Freight In $200 To Colorado Ski Shop $4,800 30.09.2019 Colorado Ski Shop $4,110 To Cash $4,110 Cash Account No : 101 Date Debit Credit Balance Op Bal $23,000 12.09.2019 $9,996 $13,004 30.09.2019 $4,110 $8,894 Accounts Payable Account No : 201 Date Debit Credit Balance 02.09.2019 $4,910 $4,910 03.09.2019 $10,200 $15,110 07.09.2019 $800 $14,310 11.09.2019 $3,000 $17,310 12.09.2019 $10,200 $7,110 22.09.2019 $2,980 $10,090 23.09.2019 $1,250 $11,340 25.09.2019 $200 $11,140 27.09.2019 $4,800 $15,940 30.09.2019 $4,110 $11,830 Purchases Account No : 501 Date Debit Credit Balance 02.09.2019 $4,600 $4,600 03.09.2019 $10,200 $14,800 11.09.2019 $3,000 $17,800 22.09.2019 $2,760 $20,560 23.09.2019 $1,250 $21,810 27.09.2019 $4,600 $26,410 Freight In Account No : 502 Date Debit Credit Balance 02.09.2019 $310 $310 22.09.2019 $2,760 $3,070 27.09.2019 $200 $3,270 Purchases Returns and Allowances Account No : 503 Date Debit Credit Balance 07.09.2019 $800 $800 25.09.2019 $200 $1,000 Purchases Discounts Account No : 504 Date Debit Credit Balance 12.09.2019 $204 $204 Alaska Supply Company Terms: 3/10,n/30 Date Debit Credit Balance 03.09.2019 $10,200 $10,200 12.09.2019 $10,200 $0 22.09.2019 $2,980 $2,980 Cold Mountain Clothing Company Terms: n/30 Date Debit Credit Balance 11.09.2019 $3,000 $3,000 Colorado Ski Shop Terms: n/30 Date Debit Credit Balance 02.09.2019 $4,910 $4,910 07.09.2019 $800 $4,110 27.09.2019 $4,800 $8,910 30.09.2019 $4,110 $4,800 Swenson Ski Goods Terms: n/30 Date Debit Credit Balance 23.09.2019 $1,250 $1,250 25.09.2019 $200 $1,050 BIG COUNTRY SKI SHOP Schedule of Accounts Payable September 30,2019 Alaska Supply Company $2,980 Cold Mountain Clothing Company $3,000 Colorado Ski Shop $4,800 Swenson Ski Goods $1,050 Total $11,830 What Portion of the purchases in September Before purchases returns and allowances and before purchase discounts were for clothing items?Include Ski Boots as a clothing item Ski Boots $4,600 Ski Jackets $3,000 Ski Pants $1,250 Ski Sweaters $4,600 Total Clothing purchases $13,450

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