Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days. May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $580 to D. Air for $1,190 cash. May 28 Purchased store supplies from Porter's for $126 cash. May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Accounts Payable Terms Inventory Debit Office Supplies Debit Other Accounts Credit Debit

Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days. May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $580 to D. Air for $1,190 cash. May 28 Purchased store supplies from Porter's for $126 cash. May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Accounts Payable Terms Inventory Debit Office Supplies Debit Other Accounts Credit Debit

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Description: Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.Journalize the following transactions that should be recorded in the purchases journal.May 1 Purchased $19,100 of merchandis

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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You are to enter up the sale, purchases, return inwards and returns outwards day book" from the following details. then to post the items to the relevant accounts in the sales and purchases ledgern, The total of the day books are then to be transferred to the account in the general Ledger. 2009 in drawing May 1 Credit sales: T 0mpson Tshs 56,000; L Rodriguez Tshs 148,000; K Barton Tshs 145.000. 3 Credit purchase: P Potter 144.000'. H Harris Tshs 25000 Spencer Tshs 76.000. 7 credit sales K Kelly 89.000; N Mendes Toho 78.000; N lee Tshs 237,000. 9 Credit purchases: B Perkins 24,000; H Haris Tshs 58000 H miles Tshs 123000 11 Good return by to: p Potter Tshs 12000 B. Spencer Tshs22.000. 14 Goods returned to by: T. Thompson Tshs 5.000; K Barton Tshs 11,000; K Kelly Tshs 14000. 17 Credit purchases: H Harris Tshs 54,000; B Perkins Tshs 65000L Nixon Tshs 75.000. 20 Goods returned by us to B Spences Tshs 14000 24 credit sales: K Muhammed Tshs 57000 , K Kelly Tshs 65000, O . Green Tshs 112000 28…
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
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Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
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Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank.
Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 Accounts Receivable Sales Revenue (Record sale to customer) Jan. 1 Cost of Goods Sold Inventory (Recorded cost of merchandise sold) Jan. 8 Sales Revenue Accounts Receivable (Recorded return of merchandise) Jan. 8 Inventory Cost of Goods Sold (Recorded cost of merchandise returned) Jan. 10 Cash Accounts Receivable (Recorded receipt within discount period) Jan. 30 Cash Cash Accounts Receivable Accounts Receivable Sales Revenue
Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Aug. 6 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 Aug. 8 fill in the blank 8 fill in the blank 9 3 4 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 Aug. 13 fill in the blank 17 fill in the…
Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $310 to B. Facer for $465 cash, invoice no. 5703. 5 Purchased $2,700 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $837 to J. Dryer for $1,214, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $209 to R. Lamb for $334, terms n/30, invoice no. 5705. 16 Received $1,202 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $360 to T. Taylor for $565, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Cost of Goods Sold Dr. Date Account Debited Invoice Number Receivable Dr. Sales Cr. Inventory Cr.
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.