Date Transaction May 1 Made cash sales of $8,500, the cost of the inventory was $4,000. 5 Purchased $2,600 of inventory on credit. 9 Made credit sales of $3,400; the cost of the inventory sold was $1,800. 13 Paid sales salaries of $1,200 and office salaries of $700. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing 57,200; made a down payment of $1,000 and agreed to pay the balance in 60 days. 21 Purchased $500 of inventory for cash. 27 Sold land that had originally cost $2,000 for $3,000.
Date Transaction May 1 Made cash sales of $8,500, the cost of the inventory was $4,000. 5 Purchased $2,600 of inventory on credit. 9 Made credit sales of $3,400; the cost of the inventory sold was $1,800. 13 Paid sales salaries of $1,200 and office salaries of $700. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing 57,200; made a down payment of $1,000 and agreed to pay the balance in 60 days. 21 Purchased $500 of inventory for cash. 27 Sold land that had originally cost $2,000 for $3,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Record the preceding transactions in a general journal
Transcribed Image Text:Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:
Date
Transaction
May 1
Made cash sales of $8,500; the cost of the inventory was $4,000.
Purchased $2,600 of inventory on credit.
9
Made credit sales of $3.400; the cost of the inventory sold was $1,800.
13
Paid sales salaries of $1,200 and office salaries of $700.
14
Paid for the May
purchases.
18
Purchased sales equipment costing $7,200; made a down payment of $1,000 and agreed to pay the
balance in 60 days.
21
Purchased $500 of inventory for cash.
27
Sold land that had originally cost $2,000 for $3,000.
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