476 PART 3 CASH PAYMENTS JOURNAL Sam Santiago operares a retail variety store. T

Question

476 PART 3 CASH PAYMENTS JOURNAL Sam Santiago operares a retail variety store. The b P 12-11A (LO5) Total Cash Cr:$30,984 include a cash payments journal and an accounts payable ledger. All cash payme (except petty cash) are entered in the cash payments journal Selected account balances on May 1 are as follows: General Ledger Cash Accounts Payable $40,000 20,000 Accounts Payable Ledger $5,200 3,800 Fantastic Toys Goya Outlet Mueller's Distributors Van Kooning 7,400 The following are the transactions related to cash payments for the month of Ma 3 Issued Check No. 427 to Mueller's Distributors in payment of merchands 7 Issued Check No. 428 to Van Kooning in partial payment of merchandie May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400 purchased on account, $3,600, less a 3% discount-Check was written for $3,492 purchased on account, $5,500. A cash discount was not allowed. 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was written for $5,148 15 Issued Check No. 430 to Cary Power and Light (Utilities Expense), $1.,0 18 Issued Check No. 431 to A-1 Warehouse for a cash purchase of merchandis $4,800 $3,800, less a 2% discount. Check was written for $3,724 merchandise purchased (Freight-In), $1,200 dise, $3,000 26 Issued Check No. 432 to Goya Outlet for merchandise purchased on accoul 30 Issued Check No. 433 to Mercury Transit Company for freight charges on 31 Issued Check No. 434 to Town Merchants for a cash purchase of E 12-1B ( REQUIRED 1. Enter the transactions in a cash payments journal. Total, rule, and prove the payments joumal. 2. Post from the cash payments journal to the general ledger and accounts pa ledger, Use general ledger account numbers as shown in the chapter P 12-12A (Lo4 E12-2B ( Sept. 1: Dr.A

Explanation / Answer

Sam Santiago amount in $ cash payment journal               credit            debit date account debited cash discount purchase sundries 1st may payment of rent 2400 2400 3rd may Purchases 3492 108 3600 7th may Purchases 5500 5500 12th may Purchases 5148 52 5200 15th may ultilities expense 1720 1720 18th may Purchases 4800 4800 26th may Purchases 3724 76 3800 30th may Freight expense 1200 1200 31th may Purchases 3000 3000 total 30984 236 25900 5320 account payable ledger a/c date dr amt in ($) date cr amt in ($) 3rd may Purchases 3600 1st may op balance 20000 7th may Purchases 5500 3rd may To Discount 108 12th may Purchases 5200 12th may To Discount 52 18th may Purchases 4800 26th may To Discount 76 26th may Purchases 3800 3rd may To cash 3492 31th may Purchases 3000 7th may To cash 5500 31th may Closing Balance 20000 12th may To cash 5148 18th may To cash 4800 26th may To cash 3724 31th may To cash 3000 45900 45900

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