E6.5 receivable? Record transactions in sales and purchases journal. L09,10,13 Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September 2023. Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600. 2 Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/30 10 12 Purchased office equipment on account from B. Piazza $13000. Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold 21 was $960 25 27 Required Purchased inventory on account from F. Sage $1800, terms n/30. Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840. (a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases journal (c) What is the advantage of having a multicolumn purchases journal as opposed to a single-column purchases journal?
E6.5 receivable? Record transactions in sales and purchases journal. L09,10,13 Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September 2023. Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600. 2 Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/30 10 12 Purchased office equipment on account from B. Piazza $13000. Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold 21 was $960 25 27 Required Purchased inventory on account from F. Sage $1800, terms n/30. Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840. (a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases journal (c) What is the advantage of having a multicolumn purchases journal as opposed to a single-column purchases journal?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:E6.5
receivable?
Record transactions in sales and purchases journal.
L09,10,13
Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September
2023.
Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600.
2
Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/30
10
12
Purchased office equipment on account from B. Piazza $13000.
Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold
21 was $960
25
27
Required
Purchased inventory on account from F. Sage $1800, terms n/30.
Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840.
(a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1
for each journal.)
(b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases
journal
(c) What is the advantage of having a multicolumn purchases journal as opposed to a single-column purchases
journal?
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