Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. July 1 Purchased $21,000 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $970 to C. Paul for $1,080 cash. 8 Purchased $680 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $21,000 cash for the merchandise purchased on July 1. 21 Purchased $1,080 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,650 to MicroTran for $3,150 on credit, terms n/30. 23 Purchased office supplies from Depot for $370 cash. 25 Purchased $5,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,300 in cash. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Terms Inventory Dr. Office Supplies Dr. Other Accounts Dr.

Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. July 1 Purchased $21,000 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $970 to C. Paul for $1,080 cash. 8 Purchased $680 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $21,000 cash for the merchandise purchased on July 1. 21 Purchased $1,080 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,650 to MicroTran for $3,150 on credit, terms n/30. 23 Purchased office supplies from Depot for $370 cash. 25 Purchased $5,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,300 in cash. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Terms Inventory Dr. Office Supplies Dr. Other Accounts Dr.

Name: Gomez Company uses a sales journal, purchases journal, cash receipts
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Description: Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalizethe following transactions that should be recorded in the purchases journal.July 1 Purchased $21,000 of merchandise o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,000 cash to the company. May 7 The company purchased $6,000 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $650 to E. James for $750 on credit, terms n/10. May 15 The company borrowed $3,500 cash by signing a note payable to the bank. May 18 The company received $750 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $400 to B. Cox for $450 cash.
Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal. April 3 Purchased merchandise for $3,600 on credit from Seth, Inc., terms 2/10, n/30. 9 Issued check no. 210 to Kitt Corp. to buy store supplies for $576. 12 Sold merchandise costing $626 to C. Myrs for $1,052 on credit, terms n/30. 17 Issued check no. 211 for $1,500 to pay off a note payable to City Bank. 20 Purchased merchandise for $4,200 on credit from Lite, terms 2/10, n/30. 28 Issued check no. 212 to Lite to pay the amount due for the purchase of April 20 less the discount of $84. 29 Paid salary of $2,550 to B. Dock by issuing check no. 213. 30 Issued check no. 214 to Seth, Inc., $3,600 to pay for the April 3 purchase. CASH PAYMENTS JOURNAL Other Accounts Date Ck. No Payee Account Debited Cash Cr. Inventory Cr. Accounts Dr. Payable Dr.
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