Journalizing Cash Payments TransactionsEnter the following cash payments transactions in a general journal:Sept. 5Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period.12Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8.19Issued Check No. 320 to Expert Systems for merchandise purchased August 20, $3,600, terms n/30.27Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period. Page: 16DOC. POST.DATEACCOUNT TITLEDEBITCREDITNO.REF.20--1Sept. 514Check No. 3184126677Check No. 31989.199.101011Check No. 3201112 27121313141415Check No. 321150000

On Sept 12 , purchases = $ 7500 Purchase return = $ 500 Therefore , Net Purchase = $ 7500 - $ 500 =…

Answered: Journalizing Cash Payments Transactions…

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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Journalizing Cash Payments Transactions

Enter the following cash payments transactions in a general journal:

Sept. 5	Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period.
12	Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company 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 Expert Systems for merchandise purchased August 20, $3,600, terms n/30.
27	Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period.

Page: 16
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Sept. 5
1
4
Check No. 318
4
12
6
6
7
7
Check No. 319
8
9.
19
9.
10
10
11
Check No. 320
11
12 27
12
13
13
14
14
15
Check No. 321
15
00
00

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