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 $23,500 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $1,220 to c. Paul for $1,330 cash. 8 Purchased $780 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $23,500 cash for the merchandise purchased on July 1. 21 Purchased $1,155 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,900 to MicroTran for $3,400 on credit, terms n/30. 23 Purchased office supplies from Depot for $395 cash. 25 Purchased $6,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,550 in cash. PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. 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 $23,500 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $1,220 to c. Paul for $1,330 cash. 8 Purchased $780 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $23,500 cash for the merchandise purchased on July 1. 21 Purchased $1,155 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,900 to MicroTran for $3,400 on credit, terms n/30. 23 Purchased office supplies from Depot for $395 cash. 25 Purchased $6,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,550 in cash. PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. 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.July1 Purchased $23,500 of merchandise on

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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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…
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