Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals.

Transactions

Oct.     5        Purchased merchandise on account for $19,000 from Harrelson Company. Terms:  2/10, n/30; FOB shipping point.

Oct.     6        Paid $6,600 to Ken’s Insurance Company for a two-year fire insurance policy.

Oct.     8        Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms:  2/10, n/30.

Oct.   11        Purchased merchandise on account for $15,000 from Steve Corporation. Terms:  2/10, n/30; FOB shipping point.

Oct.   13        Granted a reduction of $3,000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage.

Oct.   15        Paid Harrelson Company for merchandise purchased on October 5, less discount.

Oct.   16        Purchased merchandise for $9,000 cash from Williams Company.

Oct.   21        Paid Steve Corporation for merchandise purchased on October 11, less merchandise returned on October 13, less discount.

Oct.   25        Purchased merchandise on account for $21,000 from Ozzle Company. Terms:  2/10, n/30; FOB shipping point.

Oct.   31        Purchased equipment for $27,000 cash from Guillen Office Supply Company.

 

HAWK COMPANY

Purchases Journal

                                                                                                                                                      P1

———————————————————————————————————————————

                                                                                                      Inventory                           Dr.

Date          Account Credited                                Ref.                 Accounts Payable             Cr.

———————————————————————————————————————————

 

———————————————————————————————————————————

 

———————————————————————————————————————————

 

———————————————————————————————————————————

 

———————————————————————————————————————————

 

 

 

HAWK COMPANY

General Journal

                                                                                                                                                     G1

———————————————————————————————————————————

Date       Explanation                                                              Ref.                Debit              Credit

——————————----------——————————————————————————————————

 

————————————----------————————————————————————————————

 

—————————————————————————————————————-----------——————

 

-----------———————————————————————————————————————————

 

———-----------————————————————————————————————————————

 

——————-----------—————————————————————————————————————

 

HAWK COMPANY

Cash Payments Journal

                                                                                                                                                     CP1

———————————————————————————————————————————

                                                                 Other          Accounts      

                  Accounts                            Accounts         Payable           Inventory         Cash

Date          Debited               Ref.                Dr.                  Dr.                   Cr.                  Cr.

————————————————————————————————————-----------———————

 

------——————————————————————————————————-----------———————

 

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