On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. Using the five journals as named here:• Sales, Purchases, Cash Receipts, Cash Disbursements, and GeneralUsing the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."):• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref.And using the accounts listed below, complete the journal headings and record the journal entries for the followingtransactions, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesCost of GoodsPurchase Returns andSales Tax PayableSoldAllowancesPLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (orin the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollaramount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks.• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000.Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.• On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenanceroom. Use check #8025 and debit the Repairs and Maintenance account, #655.• On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventorypurchased on Apr. 25. Maryland offered terms of 2/10, n/30. JOURNALPage 144PurchaseDateAccountCheck No.DRCRCR2019May2MayMay8

A journal entry is a record of a financial transaction in a company's accounting system. It…

• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. • On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenance room. Use check #8025 and debit the Repairs and Maintenance account, #655. • On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventory purchased on Apr. 25. Maryland offered terms of 2/10, n/3O.

• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. • On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenance room. Use check #8025 and debit the Repairs and Maintenance account, #655. • On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventory purchased on Apr. 25. Maryland offered terms of 2/10, n/3O.

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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2 )
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I just need help with journalizing the transactions. thank you