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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Caesar 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 sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800
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Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a. Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area b. Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area c. Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question…
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. 1 Purchased $17,500 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $620 to C. Paul for $730 cash. 8 Purchased $540 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $17,500 cash for the merchandise purchased on July 1. 21 Purchased $975 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,300 to MicroTran for $2,800 on credit, terms n/30. 23 Purchased office supplies from Depot for $335 cash. 25 Purchased $4,200 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $1,950 in cash. July PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr.