freddy flint owns a small retail business called 357562

Freddy Flint owns a small retail business called Flint’s Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:

July 1 Issued Check No. 414 in payment of July rent, $1,500.

1 Purchased merchandise on account from Tang’s Toys, Invoice No. 311, $2,700, terms 2/10, n/30.

3 Purchased merchandise on account from Sillas & Company, Invoice No. 812, $3,100, terms 1/10, n/30.

5 Returned merchandise purchased from Tang’s Toys, receiving a credit memo on the amount owed, $500.

8 Purchased merchandise on account from Daisy’s Dolls, Invoice No. 139, $1,900, terms 2/10, n/30.

11 Issued Check No. 415 to Tang’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount.

13 Issued Check No. 416 to Sillas & Company for merchandise purchased on account, less 1% discount.

15 Returned merchandise purchased from Daisy’s Dolls, receiving a credit memo on the amount owed, $400.

18 Issued Check No. 417 to Daisy’s Dolls for merchandise purchased on account, less return of July 15 and less 2% discount.

25 Purchased merchandise on account from Allied Business, Invoice No. 489, $2,450, terms n/30.

26 Purchased merchandise on account from Tang’s Toys, Invoice No. 375, $1,980, terms 2/10, n/30.

29 Purchased merchandise on account from Sillas & Company, Invoice No. 883, $3,460, terms 1/10, n/30.

REQUIRED

1. Enter the transactions in a general journal.

2. Post from the journal to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.