Old Tech Medical Devices is a medical devices wholesaler that commenced business on July 1, 2015 Old Tech Medical Devices purchases merchandise for cash and on open account. In July 2015, NewTech Medical Devices engaged in the following purchasing and cash payment activities: DATE TRANSACTIONS 2015 July1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise for $1,700 from Bio Middle Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from Old Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to Bio Middle Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from Old Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5.11 Purchased merchandise for $1,680 from Bio Middle Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to Old Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Parks and Rec Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. 30 Purchased merchandise for $3,200, plus a freight charge of $85, from Old Concepts Corporation, Invoice 1080; terms 2/10, n/30.Required:Post the transactions in to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger.Develope a schedule of accounts payable at July 30, 2015.GENERAL LEDGER ACCOUNTS 101 Cash, $37,400 Dr. 201 Accounts Payable 501 Purchases 502 Purchases Returns and Allowances 503 Purchases Discounts 504 Freight InACCOUNTS PAYABLE LEDGER ACCOUNTSBio Middle Inc.Old Concepts CorporationParks and Rec ResearchAnalyze:What was the amount of merchandise returned to vendors by Old Tech Medical Devices in June?
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