ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, Incorporated, $2,800 Suarez, Incorporated DATE TRANSACTIONS January 8, 20x1 Received payment of $2,744 on account from Bailey Company in payment of Invoice 1885, dated December 30, 20x0, less cash discount of $56. January 10, 20x1 January 15, 20x1 Sold merchandise for $1,900 on account to Bailey Company, Invoice 1920, terms 2/10, n/30. Issued Credit Memorandum 320 to Bailey Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. January 19, 20X1 Received payment from Bailey Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. January 30, 20X1 Sold merchandise for $4,000 to Bailey Company, Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS-SUAREZ, INCORPORATED 111 Accounts Receivable, $2,800 Debit ACCOUNTS RECEIVABLE LEDGER ACCOUNT-SUAREZ, INCORPORATED Bailey Company, Required: 1a. Journalize the transactions above in a general journal for Bailey Company. 1b. Journalize the transactions above in a general journal for Suarez, Incorporated

ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, Incorporated, $2,800 Suarez, Incorporated DATE TRANSACTIONS January 8, 20x1 Received payment of $2,744 on account from Bailey Company in payment of Invoice 1885, dated December 30, 20x0, less cash discount of $56. January 10, 20x1 January 15, 20x1 Sold merchandise for $1,900 on account to Bailey Company, Invoice 1920, terms 2/10, n/30. Issued Credit Memorandum 320 to Bailey Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. January 19, 20X1 Received payment from Bailey Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. January 30, 20X1 Sold merchandise for $4,000 to Bailey Company, Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS-SUAREZ, INCORPORATED 111 Accounts Receivable, $2,800 Debit ACCOUNTS RECEIVABLE LEDGER ACCOUNT-SUAREZ, INCORPORATED Bailey Company, Required: 1a. Journalize the transactions above in a general journal for Bailey Company. 1b. Journalize the transactions above in a general journal for Suarez, Incorporated

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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