Date Transaction 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600. May Roguirodi

Date Transaction 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600. May Roguirodi

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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Postings from the purchases journal to the subsidiary ledger are generally made: a. yearly b. monthly c. weekly d. daily e. annually
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Haresh
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