Journalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Whittle Corp. for merchandise purchased August 28, $5,000, 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, $8,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Cloud Systems for merchandise purchased August 20, $6,100, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $7,000, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank. Page: 16   DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT   1 20-- Sept. 5           1 2             2 3             3 4   Check No. 318         4 5 12           5 6             6 7             7 8   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   How do you journalize this situation? Please explain the process so I can understand how to work out these situations.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Whittle Corp. for merchandise purchased August 28, $5,000, 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, $8,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8.
19 Issued Check No. 320 to Cloud Systems for merchandise purchased August 20, $6,100, terms n/30.
27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $7,000, terms 2/10, n/30. Payment is made within the discount period.

If an amount box does not require an entry, leave it blank.

Page: 16

  DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
DEBIT CREDIT  
1 20-- Sept. 5           1
2             2
3             3
4   Check No. 318         4
5 12           5
6             6
7             7
8   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

 

How do you journalize this situation? Please explain the process so I can understand how to work out these situations.

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