The Picture Perfect Camera Shop Had the Following Transactions for the Month

question 32

Essay

The Picture Perfect Camera Shop had the following transactions for the month of August 2019. Record the transactions on page 7 of a purchases journal and page 9 of a general journal. Total, prove, and rule the purchases journal as of August 31.
Aug. 1 Purchased cameras for $3,500 plus a freight charge of $160 from the Mason Company, Invoice 532, dated July 29, net payable in 60 days.
6 Purchased color film for $475 from Digital Company, Invoice 989, dated August 4, net payable in 30 days.
10 Purchased camera cases for $925 from Raven Company, Invoice 668, dated August 8; terms are 2/10, n/30.
15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $540. The cameras were originally purchased on Invoice 532 of July 29.
20 Purchased cameras for $3,575 plus freight of $90 from Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10, n/60.
23 Received Credit Memorandum 597 for $60 from Raven Company. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 668 dated August 8.

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Definitions:

Informed Decision

A decision made based on a comprehensive understanding of the relevant information, implications, and consequences.

Ethics Competency

The ability to understand and apply ethical principles and standards to one’s professional behavior and decision-making processes.

Values and Principles

Are the fundamental beliefs and ethical guidelines that govern an individual's or organization's actions and decisions.

Honesty

The quality of being truthful, transparent, and free from deceit in one's actions and communications.