I need to know how to input these questions into a general journal and general ledger. The beginning balance on the ledger under 'A/P - Canola Products' is 60,000. May 3 Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning. The amount of the return was: $1,000.00 May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise $450.00 Thanks!
I need to know how to input these questions into a general journal and general ledger. The beginning balance on the ledger under 'A/P - Canola Products' is 60,000. May 3 Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning. The amount of the return was: $1,000.00 May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise $450.00 Thanks!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I need to know how to input these questions into a general journal and general ledger. The beginning balance on the ledger under 'A/P - Canola Products' is 60,000.
|
May 3 |
Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning. |
|
|
|
The amount of the return was: |
$1,000.00 |
|
May 8 |
Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). |
|
|
May 30 |
Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise |
$450.00 |
Thanks!
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