E7-19 only J.81901,39030CR.9700690Describe the three posted transactions.E7-19 Recording transactions-purchases journalLearning Objective 3Purchased merchandise inventory on credit terms of 3/10, n/60 fromVanderbilt Co., $2,400.Apr. 2Accounts Payable CR columntotal $4,800Issued check no. 820 to purchase equipment for cash, $3,600.11Purchased merchandise inventory for cash, $750, issuing check no. 821.12Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2.19Purchased office supplies on account from Downing Supplies, $500. Termswere n/EOM.24Purchased merchandise inventory on credit terms of net 30 fromWilmington Sales, $1,900.Issued check no. 823 to pay for insurance coverage, debiting PrepaidInsurance for $1,000.2829Issued check no. 824 to pay rent for the month, $1,250.Horngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella MaeMatsumura. Copvriaht © 2018 bv Pearson Education. Inc. All Riahts Reserved. Pearson Custom Edition.MacBook AirDIIF8F3F4F578 Requirements1. Prepare headings for a purchases journal. Journalize the transactions that should berecorded in the purchases journal. The company uses the perpetual inventory system.2. Total each column of the purchases journal.NerCise E7-

E7-19 Recording transactions-purchases journal Apr. 2 Purchased merchandise inventory on credit terms of 3/10, n/60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 24 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 28 29 Issued check no. 824 to pay rent for the month, $1,250.

E7-19 Recording transactions-purchases journal Apr. 2 Purchased merchandise inventory on credit terms of 3/10, n/60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 24 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 28 29 Issued check no. 824 to pay rent for the month, $1,250.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

100%

E7-19 only

J.8
190
1,390
30
CR.9
700
690
Describe the three posted transactions.
E7-19 Recording transactions-purchases journal
Learning Objective 3
Purchased merchandise inventory on credit terms of 3/10, n/60 from
Vanderbilt Co., $2,400.
Apr. 2
Accounts Payable CR column
total $4,800
Issued check no. 820 to purchase equipment for cash, $3,600.
11
Purchased merchandise inventory for cash, $750, issuing check no. 821.
12
Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2.
19
Purchased office supplies on account from Downing Supplies, $500. Terms
were n/EOM.
24
Purchased merchandise inventory on credit terms of net 30 from
Wilmington Sales, $1,900.
Issued check no. 823 to pay for insurance coverage, debiting Prepaid
Insurance for $1,000.
28
29
Issued check no. 824 to pay rent for the month, $1,250.
Horngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae
Matsumura. Copvriaht © 2018 bv Pearson Education. Inc. All Riahts Reserved. Pearson Custom Edition.
MacBook Air
DII
F8
F3
F4
F5
7
8

Requirements
1. Prepare headings for a purchases journal. Journalize the transactions that should be
recorded in the purchases journal. The company uses the perpetual inventory system.
2. Total each column of the purchases journal.
NerCise E7-

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