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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
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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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 January 8, 20x1 TRANSACTIONS 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, $2,800 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
Transcribed Image Text:ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, Incorporated, $2,800 Suarez, Incorporated DATE January 8, 20x1 TRANSACTIONS 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, $2,800 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
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