Please Do not Give Image format Date2017Date2017>AccountDebited>AccountCreditedTORNEN COInvoiceNo.TermsSales JournalRef.NORREN COMPANYPurchase JournalALUAccounts Receivable Dr.Sales Revenue Cr.Ref.Inventory Dr.Accounts Payable Cr.Cost of Goods Sold Dr.Inventory Cr. Sept.2(a)(b)1012212527Sold merchandise on account to J. Yancey, invoice no. 101, $810, terms n/30. The cost of the merchandise sold was $524.Purchased merchandise on account from H. Heerey $670, terms 2/10,n/30.Purchased office equipment on account from Y. Kojima $6,730.Sold merchandise on account to K. Pricer, invoice no. 102 for $770, terms 2/10, n/30. The cost of the merchandise soldwas $487.Purchased merchandise on account from G. Jeanik $840, terms n/30.Sold merchandise to D. Schaff for $700 cash. The cost of the merchandise sold was $432.Prepare a sales journal and a single-column purchases journal.Record the transactions for September that should be journalized in the sales journal and the purchases journal.Date2017AccountDebitedInvoiceNo.NORREN COMPANYSales JournalRef.Accounts Receivable Dr.Sales Revenue Cr.Cost of Goods Sold Dr.Inventory Cr.

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Description: Please Do not Give Image format Date2017Date2017>AccountDebited>AccountCreditedTORNEN COInvoiceNo.TermsSales JournalRef.NORREN COMPANYPurchase JournalALUAccounts Receivable Dr.Sales Revenue Cr.Ref.Inventory Dr.Accounts Payable Cr.Cost of Goods Sold D

Revenue is the income generated by the entity during the period through sales of goods or provision…

Answered: (a) (b) Prepare a sales journal and a…

Business

Accounting

(a) (b) Prepare a sales journal and a single-column purchases journal. Record the transactions for September that should be journalized in the sales journal and the purchases journal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Please Do not Give Image format

Date
2017
Date
2017
>
Account
Debited
>
Account
Credited
TORNEN CO
Invoice
No.
Terms
Sales Journal
Ref.
NORREN COMPANY
Purchase Journal
ALU
Accounts Receivable Dr.
Sales Revenue Cr.
Ref.
Inventory Dr.
Accounts Payable Cr.
Cost of Goods Sold Dr.
Inventory Cr.

Sept.
2
(a)
(b)
10
12
21
25
27
Sold merchandise on account to J. Yancey, invoice no. 101, $810, terms n/30. The cost of the merchandise sold was $524.
Purchased merchandise on account from H. Heerey $670, terms 2/10,n/30.
Purchased office equipment on account from Y. Kojima $6,730.
Sold merchandise on account to K. Pricer, invoice no. 102 for $770, terms 2/10, n/30. The cost of the merchandise sold
was $487.
Purchased merchandise on account from G. Jeanik $840, terms n/30.
Sold merchandise to D. Schaff for $700 cash. The cost of the merchandise sold was $432.
Prepare a sales journal and a single-column purchases journal.
Record the transactions for September that should be journalized in the sales journal and the purchases journal.
Date
2017
Account
Debited
Invoice
No.
NORREN COMPANY
Sales Journal
Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
Cost of Goods Sold Dr.
Inventory Cr.

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