Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 to G. Seles for $1,500 on credit subject to a $30 sales discount if paid within 30 days. 14 Purchased $240 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $260 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $400 to D. Air for $650 cash. 28 Purchased store supplies from Porter's for $90 cash. 29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1. Purchases Journal Date count Date of Invoice PR Accounts Payable Cr. Merchandise Inventory Dr. Office Supplies Dr. Page Other Accou Dr.

Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 to G. Seles for $1,500 on credit subject to a $30 sales discount if paid within 30 days. 14 Purchased $240 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $260 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $400 to D. Air for $650 cash. 28 Purchased store supplies from Porter's for $90 cash. 29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1. Purchases Journal Date count Date of Invoice PR Accounts Payable Cr. Merchandise Inventory Dr. Office Supplies Dr. Page Other Accou Dr.

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Description: 1 Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare apurchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in t

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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