All Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date Transaction November 1 The company paid Weeks Company $4,310 cash for the merchandise purchased on October 27. November 3 Purchased $5,670 of merchandise on credit from Sanders Corporation terms n/30. November 4 Sold merchandise costing $5,350 to M. Plumlee for $8,450 on credit, terms 2/15, n/45, invoice number 2334. November 11 Sold merchandise costing $870 to S. Hawes for $960 cash, invoice number 2891. November 17 Sold used store machinery (noninventory) for $2,342 cash to Lowry Corporation. November 22 Sold merchandise costing $4,230 to Rodgers Company for $7,120 cash, invoice number 4309. November 24 The company received $980 cash from J. Than in payment of the November 7 purchase. November 27 Issued check number 231 to Davis Corporation to buy office supplies for $450. Journal + Purchases journal

All Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date Transaction November 1 The company paid Weeks Company $4,310 cash for the merchandise purchased on October 27. November 3 Purchased $5,670 of merchandise on credit from Sanders Corporation terms n/30. November 4 Sold merchandise costing $5,350 to M. Plumlee for $8,450 on credit, terms 2/15, n/45, invoice number 2334. November 11 Sold merchandise costing $870 to S. Hawes for $960 cash, invoice number 2891. November 17 Sold used store machinery (noninventory) for $2,342 cash to Lowry Corporation. November 22 Sold merchandise costing $4,230 to Rodgers Company for $7,120 cash, invoice number 4309. November 24 The company received $980 cash from J. Than in payment of the November 7 purchase. November 27 Issued check number 231 to Davis Corporation to buy office supplies for $450. Journal + 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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