1. UOP ACC 291 Week 2 Apply Connect Assignment
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ACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)
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Apply Connect Assignment
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
2. TRANSACTIONS
2019
Sept.
2
Purchased ski boots for $5,200 plus a freight charge of $250 from Colorado Ski Shop, Invoice
6672, terms n/30.
3
Purchased skis for $10,800 from Alaska Supply Company, Invoice 5916; terms 2/10, n/30.
7
Received Credit Memorandum 165 for $860 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 $3,600 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 $3,360 plus a freight charge of $190 from Alaska Supply Company,
Invoice 5950, terms 3/10, n/30.
23
Purchased ski pants for $1,850 from Swenson Ski Goods, Invoice 528, terms n/30.
25
Received Credit Memorandum 245 for $260 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 $4,000 plus a freight charge of $170 from Colorado Ski Shop, Invoice
6722, terms n/30.
30
3. Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the
return of September 7.
Required:
Open the general ledger accounts and accounts payable ledger accounts indicated below. Enter
the balance of Cash as of September 1, 2019.
Post the entries from the general journal to the appropriate accounts in the general ledger and in
the accounts payable ledger.
Prepare a schedule of accounts payable.
GENERAL LEDGER ACCOUNTS
101
Cash, $25,000 Dr.
201
Accounts Payable
501
Purchases
502
Freight In
503
Purchases Returns and Allowances
504
Purchases Discounts
ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing
Company Colorado Ski Shop
Swenson Ski Goods
4. Analyze:
What portion of the purchases in September, before purchases returns and allowances and before
purchases discounts, were for clothing items? Include ski boots as a clothing item.
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1,
2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June
2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:
DATE
TRANSACTIONS
2019
June
1
Issued Check 101 to purchase merchandise, $3,800.
3
Purchased merchandise for $1,350 from BioCenter Inc., Invoice 606; terms 2/10, n/30.
5
Purchased merchandise for $5,150, plus a freight charge of $100, from New Concepts Corporation,
Invoice 1011, terms 2/10, n/30.
9
Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102
10
Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise
totaling $350 that was returned; the goods were purchased on Invoice 1011, dated June 5.
11
Purchased merchandise for $1,610 from BioCenter Inc., Invoice 612; terms 2/10, n/30.
14
Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June
10 and less the cash discount, Check 103.
15
5. Purchased merchandise with a list price of $8,500 and trade discounts of 20 percent and 15
percent from Park Research, Invoice 1029, terms n/30.
20
Issued Check 104 to purchase merchandise, $2,300.
25
Returned merchandise purchased on June 20 as defective, receiving a cash refund of $210.
30
Purchased merchandise for $2,500, plus a freight charge of $78, from New Concepts Corporation,
Invoice 1080; terms 2/10, n/30.
Required:
Journalize the transactions in a general journal.
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6. Purchased merchandise with a list price of $8,500 and trade discounts of 20 percent and 15
percent from Park Research, Invoice 1029, terms n/30.
20
Issued Check 104 to purchase merchandise, $2,300.
25
Returned merchandise purchased on June 20 as defective, receiving a cash refund of $210.
30
Purchased merchandise for $2,500, plus a freight charge of $78, from New Concepts Corporation,
Invoice 1080; terms 2/10, n/30.
Required:
Journalize the transactions in a general journal.
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