Journalizing Purchases TransactionsJournalize the following transactions in a general journal:May 3Purchased merchandise from Reed, $6,100. Invoice No. 321, dated May 1, terms n/30.9Purchased merchandise from Omana, $2,500. Invoice No. 614, dated May 8, terms 2/10, n/30.18Purchased merchandise from Yao Distributors, $2,200. Invoice No. 180, dated May 15, terms 1/15, n/30.23Purchased merchandise from Brown, $5,300. Invoice No. 913, dated May 22, terms 1/10, n/30.If an amount box does not require an entry, leave it blank.Page: DATEACCOUNT TITLEDOC. NO.POST. REF.DEBITCREDIT 120-- May 3 12 23 Invoice No. 321 349 45 56 Invoice No. 614 6718 78 89 Invoice No. 180 91023 1011 1112 Invoice No. 913 12 What is the correct way to fill this journal out?Can you please explain your process.

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Description: Journalizing Purchases TransactionsJournalize the following transactions in a general journal:May 3Purchased merchandise from Reed, $6,100. Invoice No. 321, dated May 1, terms n/30.9Purchased merchandise from Omana, $2,500. Invoice No. 614, dated May

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Journalizing Purchases Transactions

Journalize the following transactions in a general journal:

May 3	Purchased merchandise from Reed, $6,100. Invoice No. 321, dated May 1, terms n/30.
9	Purchased merchandise from Omana, $2,500. Invoice No. 614, dated May 8, terms 2/10, n/30.
18	Purchased merchandise from Yao Distributors, $2,200. Invoice No. 180, dated May 15, terms 1/15, n/30.
23	Purchased merchandise from Brown, $5,300. Invoice No. 913, dated May 22, terms 1/10, n/30.

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

Page:

	DATE	ACCOUNT TITLE
1	20-- May 3		1
2			2
3		Invoice No. 321	3
4	9		4
5			5
6		Invoice No. 614	6
7	18		7
8			8
9		Invoice No. 180	9
10	23		10
11			11
12		Invoice No. 913	12

What is the correct way to fill this journal out?

Can you please explain your process.

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