Homework Help is Here – Start Your Trial Now!
Business
Accounting
ercise 2. Cosma Co engaged in the following transactions during Ja equired: Record the January transactions in a sales journal, a single-column a cash receipts journal, a cash payments journal, and a general journal. Jan. 1 Owner invested $5,000 3 Purchased merchandise on account from Gallagher Co. $9,000. 4 Purchased supplies on account for $80. 4 Sold merchandise on account to Wheeler $5,250, (cost 3,200) invoice no. 371, terms 1/10,83 6 Made cash sales for the week totalling $3,150, (cost 2,900). 13 Paid in full Gallagher Co. 14 Received payment from Wheeler for invoice no. 371. (consider the discount) 18 Purchases merchandise with cash for $1,500. 25 Recognized salaries expenses that will be paid in the following year for $2,700. to Yourcl Receipts Journal ts Credited Sales Accounts Sales Other COGS Dri Cash Dr Disent Dr Receivable Cr Revenue Cr Accounts Cr Merch Inv Cr. er unts Dr Merchandise Inventory Cr. Accounts Payable Dr. Cash Cr GS Dr COGS Dr Merchandise Inventory Cr

ercise 2. Cosma Co engaged in the following transactions during Ja equired: Record the January transactions in a sales journal, a single-column a cash receipts journal, a cash payments journal, and a general journal. Jan. 1 Owner invested $5,000 3 Purchased merchandise on account from Gallagher Co. $9,000. 4 Purchased supplies on account for $80. 4 Sold merchandise on account to Wheeler $5,250, (cost 3,200) invoice no. 371, terms 1/10,83 6 Made cash sales for the week totalling $3,150, (cost 2,900). 13 Paid in full Gallagher Co. 14 Received payment from Wheeler for invoice no. 371. (consider the discount) 18 Purchases merchandise with cash for $1,500. 25 Recognized salaries expenses that will be paid in the following year for $2,700. to Yourcl Receipts Journal ts Credited Sales Accounts Sales Other COGS Dri Cash Dr Disent Dr Receivable Cr Revenue Cr Accounts Cr Merch Inv Cr. er unts Dr Merchandise Inventory Cr. Accounts Payable Dr. Cash Cr GS Dr COGS Dr Merchandise Inventory Cr

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Don't give answer in image format 

ercise 2. Cosma Co engaged in the following transactions during January 2022: (27 F equired: Record the January transactions in a sales journal, a single-column purchase your a cash receipts journal, a cash payments journal, and a general journal. Jan. 1 Owner invested $5,000 16x3 3 Purchased merchandise on account from Gallagher Co. $9,000. 4 Purchased supplies on account for $80. 4 Sold merchandise on account to Wheeler $5,250, (cost 3,200) invoice no. 371, terms 1/10, /30. 6 Made cash sales for the week totalling $3,150, (cost 2,900). 13 Paid in full Gallagher Co. 14 Received payment from Wheeler for invoice no. 371. (consider the discount) 18 Purchases merchandise with cash for $1,500. 25 Recognized salaries expenses that will be paid in the following year for $2,700. Cash Receipts Journal Date Cash Dr Accounts Credited Accounts Sales Other COGS Dri Sales Discnt Dr Receivable Cr Revenue Cr Accounts Cr Merch Inv Cr. Cash Payment Journal Accounts Debited Accounts Payable Dr. Other Accounts Dr No Merchandise Inventory Cr. Invoice Cash Cr Sales Revenue Cr COGS Dr Merchandise Inventory Cr Accounts Receivable Dr Merchandise Inventory Dr Accounts Payable Cr Equ Accu Notes
Transcribed Image Text:ercise 2. Cosma Co engaged in the following transactions during January 2022: (27 F equired: Record the January transactions in a sales journal, a single-column purchase your a cash receipts journal, a cash payments journal, and a general journal. Jan. 1 Owner invested $5,000 16x3 3 Purchased merchandise on account from Gallagher Co. $9,000. 4 Purchased supplies on account for $80. 4 Sold merchandise on account to Wheeler $5,250, (cost 3,200) invoice no. 371, terms 1/10, /30. 6 Made cash sales for the week totalling $3,150, (cost 2,900). 13 Paid in full Gallagher Co. 14 Received payment from Wheeler for invoice no. 371. (consider the discount) 18 Purchases merchandise with cash for $1,500. 25 Recognized salaries expenses that will be paid in the following year for $2,700. Cash Receipts Journal Date Cash Dr Accounts Credited Accounts Sales Other COGS Dri Sales Discnt Dr Receivable Cr Revenue Cr Accounts Cr Merch Inv Cr. Cash Payment Journal Accounts Debited Accounts Payable Dr. Other Accounts Dr No Merchandise Inventory Cr. Invoice Cash Cr Sales Revenue Cr COGS Dr Merchandise Inventory Cr Accounts Receivable Dr Merchandise Inventory Dr Accounts Payable Cr Equ Accu Notes
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS