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Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August:

Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August:

FINANCIAL ACCOUNTING
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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Could you show me how to solve this please. I'm still new with all this accounting stuff.

585477&cmid=D123356848&page%3D20 Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August: Aug. 1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. 3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. 4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 8 Purchased office supplies on credit from Echo Co. for $300, terms n/30. 9 Returned merchandise costing $200 to Able Co. from August 1 purchase. 11 Paid Able Co. for the August 1 purchase, Cheque No. 758, 13 Received payment from Coe Co. for August 4 sale. 15 Paid rent expense $1,500, Cheque No. 759. 18 Received $2,300 for a $2,000 note receivable from Fox Corp. 20 Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28 Recorded cash sales for the month $9,000. 29 Paid monthly telephone bill $250, Cheque No. 761. Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the journals provided.
Transcribed Image Text:585477&cmid=D123356848&page%3D20 Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August: Aug. 1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. 3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. 4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 8 Purchased office supplies on credit from Echo Co. for $300, terms n/30. 9 Returned merchandise costing $200 to Able Co. from August 1 purchase. 11 Paid Able Co. for the August 1 purchase, Cheque No. 758, 13 Received payment from Coe Co. for August 4 sale. 15 Paid rent expense $1,500, Cheque No. 759. 18 Received $2,300 for a $2,000 note receivable from Fox Corp. 20 Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28 Recorded cash sales for the month $9,000. 29 Paid monthly telephone bill $250, Cheque No. 761. Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the journals provided.
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