Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank or enter "0" for 'General Debit' column also. Page: 1 ACCOUNTS PURCHASES GENERAL POST. CASH СК. NO. DATE PAYABLE ACCOUNT DEBITED DISCOUNTS REF. CREDIT DEBIT CREDIT CREDIT DEBIT Clausen Corp. 82X 4,018 | Х 1 х 318 4,100 1 Sep. 5 McGonigle Co. 97 X х 2 х х 2 Sep. 12 319 200 9,700 9,603 Elite Systems v 4,600| Х 3 4,600 X 3 Sep. 19 320 Glenn Falls х 4 х х 6,860 4 Sep. 27 321 7,000 140 Feedback Check My Work Refer to Figure 12-15 in the text and related discussions.
Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank or enter "0" for 'General Debit' column also. Page: 1 ACCOUNTS PURCHASES GENERAL POST. CASH СК. NO. DATE PAYABLE ACCOUNT DEBITED DISCOUNTS REF. CREDIT DEBIT CREDIT CREDIT DEBIT Clausen Corp. 82X 4,018 | Х 1 х 318 4,100 1 Sep. 5 McGonigle Co. 97 X х 2 х х 2 Sep. 12 319 200 9,700 9,603 Elite Systems v 4,600| Х 3 4,600 X 3 Sep. 19 320 Glenn Falls х 4 х х 6,860 4 Sep. 27 321 7,000 140 Feedback Check My Work Refer to Figure 12-15 in the text and related discussions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Journalizing Cash Payments
Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for
merchandise purchased:
Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period.
12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for
merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8
19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30.
27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period.
If an amount box does not require an entry, leave it blank or enter "0" for 'General Debit' column also.
Page: 1
ACCOUNTS PURCHASES
GENERAL
POST.
CASH
СК. NO.
DATE
PAYABLE
ACCOUNT DEBITED
DISCOUNTS
REF.
CREDIT
DEBIT
CREDIT
CREDIT
DEBIT
Clausen Corp.
82X
4,018 | Х 1
х
318
4,100
1 Sep. 5
McGonigle Co.
97 X
х 2
х
х
2 Sep. 12
319
200
9,700
9,603
Elite Systems v
4,600| Х 3
4,600 X
3 Sep. 19 320
Glenn Falls
х 4
х
х
6,860
4 Sep. 27
321
7,000
140
Feedback
Check My Work
Refer to Figure 12-15 in the text and related discussions.
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