3i The Accounting Cycle for a Merchandising Business 1, 5 ... PROBLEM 1O-2A Preston Company sells candy wholesale, primarily t machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place i Received $2,156 cash from L. Reilly in payment of April 22 invoice of $2.0, 4 Received $1,096 cash in payment of $1,000 note receivable and interest of May of this year: Мay less cash discount. 7 Received $588 cash from K. L. Shannon in payment of April 29 invoice of $600, less cash discount. 8 Sold merchandise on account to D. Padilla, invoice no. 272, $489. 16 Cash sales for first half of May, $2,265. 17 Received cash from D. Padilla in payment of invoice no. 272, less cash discount. 20 Received $325 cash from L. N. Salas in payment of April 16 invoice, no discount. 21 Sold merchandise on account to R. O. Wilcox, invoice no. 273, $935. 24 Received $220 cash refund for return of defective equipment that was originally bought for cash. 27 Sold merchandise on account to R. Jarvis, invoice no. 274, $450. 31 Cash sales for second half of May, $2,845. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used.
3i The Accounting Cycle for a Merchandising Business 1, 5 ... PROBLEM 1O-2A Preston Company sells candy wholesale, primarily t machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place i Received $2,156 cash from L. Reilly in payment of April 22 invoice of $2.0, 4 Received $1,096 cash in payment of $1,000 note receivable and interest of May of this year: Мay less cash discount. 7 Received $588 cash from K. L. Shannon in payment of April 29 invoice of $600, less cash discount. 8 Sold merchandise on account to D. Padilla, invoice no. 272, $489. 16 Cash sales for first half of May, $2,265. 17 Received cash from D. Padilla in payment of invoice no. 272, less cash discount. 20 Received $325 cash from L. N. Salas in payment of April 16 invoice, no discount. 21 Sold merchandise on account to R. O. Wilcox, invoice no. 273, $935. 24 Received $220 cash refund for return of defective equipment that was originally bought for cash. 27 Sold merchandise on account to R. Jarvis, invoice no. 274, $450. 31 Cash sales for second half of May, $2,845. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Problem 10-2A, pg. 460, Required 1. (only): Journalize the transactions for May 1st thru 21st (eight transactions) in the Cash Receipts Journal and the Sales Journal, utilizing the Periodic Inventory Method/System.
Transcribed Image Text:PART 3: The Accounting Cycle for a Merchandising Business
to
vending
LO 1,5
May of this
$2.20
уear:
May 1
less cash discount.
$600, less cash discount.
8 Sold merchandise on account to D. Padilla, invoice no. 272, $489
16 Cash sales for first half of May, $2,265.
17 Received cash from D. Padilla in payment of invoice no. 272, less cash
discount.
20 Received $325 cash from L. N. Salas in payment of April 16 invoice, no
discount.
21 Sold merchandise on account to R. O. Wilcox, invoice no. 273, $935.
24 Received $220 cash refund for return of defective equipment that was
originally bought for cash.
27 Sold merchandise on account to R. Jarvis, invoice no. 274, $450.
Cash sales for second half of May, $2,845.
31
Required
1. Journalize the transactions for May in the cash receipts journal and the sales
journal. Assume the periodic inventory method is used.
ure
pit,
22
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