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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter11A: The Net-price Method Of Recording Purchases
Section: Chapter Questions
Problem 1SEA: PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following...
Related questions
Topic Video
Question
Don't give answer in image format
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
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
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College