July 1 Purchased $22,000 of merchandise on credit from Hector Company, terms n/15. July 4 Sold merchandise costing $1,070 to C. Paul for $1,180 cash. July 8 Purchased $720 of office supplies from Zhang Company on credit, terms n/30. July 15 Paid Hector $22,000 cash for the merchandise purchased on July 1. July 21 Purchased $1,110 of store supplies on credit from Staples, terms n/30. July 22 Sold merchandise costing $2,750 to MicroTran for $3,250 on credit, terms n/30. July 23 Purchased office supplies from Depot for $380 cash. July 25 Purchased $6,000 of merchandise on credit from Alfredo Company, terms n/30. July 27 Paid employee salaries of $2,400 in cash. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Credit Terms Inventory Debit Office Sup Debi

July 1 Purchased $22,000 of merchandise on credit from Hector Company, terms n/15. July 4 Sold merchandise costing $1,070 to C. Paul for $1,180 cash. July 8 Purchased $720 of office supplies from Zhang Company on credit, terms n/30. July 15 Paid Hector $22,000 cash for the merchandise purchased on July 1. July 21 Purchased $1,110 of store supplies on credit from Staples, terms n/30. July 22 Sold merchandise costing $2,750 to MicroTran for $3,250 on credit, terms n/30. July 23 Purchased office supplies from Depot for $380 cash. July 25 Purchased $6,000 of merchandise on credit from Alfredo Company, terms n/30. July 27 Paid employee salaries of $2,400 in cash. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Credit Terms Inventory Debit Office Sup Debi

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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CAN SOMEONE SHOW ME HOW TO DO A " CASH JOURNAL"? Selected accounts from the chart of accounts of Crane Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $10,500. 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $5,670, invoice no. 371, terms 1/10, n/30. 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,800. 8 Purchased merchandise on account from Phegley Co. $5,000. 9 Sold…
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