StrongQuoteIntense Q...Subtle Ref.. Intense R..StylesமேgPB2. Piedmont Inc. has the following transactions for the month of July.Jul. 1Sold merchandise for $4,000 to Pinetop Inc. (account number PT152) and offeredterms of 1/10, n/30, on July 1, invoice # 1101Sold merchandise to Sherwood Inc. (account number SH 224), Invoice # 1102 for$2,450 cash on July 5Sold merchandise, invoice #1103, to Cardinal Inc. (account number CA 118) forS5,000, and offered tems of 3/10, n 30Received payment from Pinetop Inc.Received payment from Cardinal Inc. after expiration of the discount periodReceived a refund check in the amount of $120 from the insurance company (creditInsurance Expense, account number 504)Jul. 5Jul. 9Jul. 9Jul. 22Jul. 30A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the subsidiaryledger and general ledger account.SolutionSALES JOURNALPage 79DR COGSCR MerchandiseInventoryDR Accts.InvoiceNo.ReceivableCR SalesDateAccountRef.

Sales Journal - Sales Journal is the ledger that shows all the sales on account. Sales that take…

PB2. Piedmont Inc. has the following transactions for the month of July. Jul. 1 Sold merchandise for $4,000 to Pinetop Inc. (account number PT152) and offered terms of 1/10, n/30, on July 1, invoice # 1101 Sold merchandise to Sherwood Inc. (account number SH 224), Invoice # 1102 for $2,450 cash on July 5 Sold merchandise, invoice #1103, to Cardinal Inc. (account number CA 118) for $5,000, and offered terms of 3/10, n/30 Received Received payment from Cardinal Inc. after expiration of the discount period Received a refund check in the amount of $120 from the insurance company (credit Insurance Expense, account number 504) Jul. 5 Jul. 9 Jul. 9 payment from Pinetop Inc. Jul. 22 Jul. 30 A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the subsidiary ledger and general ledger account.

PB2. Piedmont Inc. has the following transactions for the month of July. Jul. 1 Sold merchandise for $4,000 to Pinetop Inc. (account number PT152) and offered terms of 1/10, n/30, on July 1, invoice # 1101 Sold merchandise to Sherwood Inc. (account number SH 224), Invoice # 1102 for $2,450 cash on July 5 Sold merchandise, invoice #1103, to Cardinal Inc. (account number CA 118) for $5,000, and offered terms of 3/10, n/30 Received Received payment from Cardinal Inc. after expiration of the discount period Received a refund check in the amount of $120 from the insurance company (credit Insurance Expense, account number 504) Jul. 5 Jul. 9 Jul. 9 payment from Pinetop Inc. Jul. 22 Jul. 30 A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the subsidiary ledger and general ledger account.

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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Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
A5
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