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Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date May 01 May 08 May 14 May 17 May 24 May 28 May 29 Transaction Purchased $10,400 of merchandise on credit from Krause, Incorporated, terms n/30. Sold merchandise costing $1,200 to G. Seles for $2,000 on credit subject to a $36 sales discount if paid within 30 days. Purchased $270 of store supplies from Chang Company on credit, terms n/30. Purchased $290 of office supplies on credit from Monder Company, terms n/30. Sold merchandise costing $475 to D. Air for $710 cash. Purchased store supplies from Porter's for $96 cash. Paid Krause, Incorporated, $10,400 cash for the merchandise purchased on May 1. Journal

Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date May 01 May 08 May 14 May 17 May 24 May 28 May 29 Transaction Purchased $10,400 of merchandise on credit from Krause, Incorporated, terms n/30. Sold merchandise costing $1,200 to G. Seles for $2,000 on credit subject to a $36 sales discount if paid within 30 days. Purchased $270 of store supplies from Chang Company on credit, terms n/30. Purchased $290 of office supplies on credit from Monder Company, terms n/30. Sold merchandise costing $475 to D. Air for $710 cash. Purchased store supplies from Porter's for $96 cash. Paid Krause, Incorporated, $10,400 cash for the merchandise purchased on May 1. Journal

FINANCIAL ACCOUNTING
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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**Peachtree Company Journal Transactions** Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Below is a list of transactions along with the appropriate journal in which they should be recorded. | Date | Transaction | Journal | |------------|----------------------------------------------------------------------------------------------|--------------------------| | May 01 | Purchased $10,400 of merchandise on credit from Krause, Incorporated, terms n/30. | Purchases Journal | | May 08 | Sold merchandise costing $1,200 to G. Seles for $2,000 on credit subject to a $36 sales discount if paid within 30 days. | Sales Journal | | May 14 | Purchased $270 of store supplies from Chang Company on credit, terms n/30. | Purchases Journal | | May 17 | Purchased $290 of office supplies on credit from Monder Company, terms n/30. | Purchases Journal | | May 24 | Sold merchandise costing $475 to D. Air for $710 cash. | Cash Receipts Journal | | May 28 | Purchased store supplies from Porter’s for $96 cash. | Cash Payments Journal | | May 29 | Paid Krause, Incorporated, $10,400 cash for the merchandise purchased on May 1. | Cash Payments Journal | This table helps track specific types of transactions within Peachtree Company's bookkeeping system.
Transcribed Image Text:**Peachtree Company Journal Transactions** Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Below is a list of transactions along with the appropriate journal in which they should be recorded. | Date | Transaction | Journal | |------------|----------------------------------------------------------------------------------------------|--------------------------| | May 01 | Purchased $10,400 of merchandise on credit from Krause, Incorporated, terms n/30. | Purchases Journal | | May 08 | Sold merchandise costing $1,200 to G. Seles for $2,000 on credit subject to a $36 sales discount if paid within 30 days. | Sales Journal | | May 14 | Purchased $270 of store supplies from Chang Company on credit, terms n/30. | Purchases Journal | | May 17 | Purchased $290 of office supplies on credit from Monder Company, terms n/30. | Purchases Journal | | May 24 | Sold merchandise costing $475 to D. Air for $710 cash. | Cash Receipts Journal | | May 28 | Purchased store supplies from Porter’s for $96 cash. | Cash Payments Journal | | May 29 | Paid Krause, Incorporated, $10,400 cash for the merchandise purchased on May 1. | Cash Payments Journal | This table helps track specific types of transactions within Peachtree Company's bookkeeping system.
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