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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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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