On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456. On Feb. 8, purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951. On Feb. 12, purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.
On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456. On Feb. 8, purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951. On Feb. 12, purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456.
- On Feb. 8, purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951.
- On Feb. 12, purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.
![Using the five journals as named here:
• Sales, Purchases, Cash Receipts, Cash Disbursements, and General
Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."):
• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None
And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual
inventory system:
Accounts Payable
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or
in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar
amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks.
• On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order
(PO) # 12345 in the amount of $3,456.
• On Feb. 8, purchased inventory on account from Sherwood Company (vendor account number 5461), PO#
12346, in the amount of $2,951.
• On Feb. 12, purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount
of $4,631.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ba0bb6e-e2c2-4193-9e84-578f833b18f1%2F65fe6024-51e0-43d6-9568-a1e08cdacb2d%2Ffiys_processed.png&w=3840&q=75)
Transcribed Image Text:Using the five journals as named here:
• Sales, Purchases, Cash Receipts, Cash Disbursements, and General
Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."):
• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None
And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual
inventory system:
Accounts Payable
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or
in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar
amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks.
• On Feb. 2, purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order
(PO) # 12345 in the amount of $3,456.
• On Feb. 8, purchased inventory on account from Sherwood Company (vendor account number 5461), PO#
12346, in the amount of $2,951.
• On Feb. 12, purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount
of $4,631.
![JOURNAL
Page 124
Date
DR
CR
2019
Feb.
Feb.
8
Feb.
12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ba0bb6e-e2c2-4193-9e84-578f833b18f1%2F65fe6024-51e0-43d6-9568-a1e08cdacb2d%2Fp06n0u1_processed.png&w=3840&q=75)
Transcribed Image Text:JOURNAL
Page 124
Date
DR
CR
2019
Feb.
Feb.
8
Feb.
12
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education