Peachtree Company uses 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 $19,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,280 to G. Seles for $3,400 on credit subject to a $49 sales discount if paid by the end of the month. 14 Purchased $430 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $450 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $590 to D. Air for $1,220 cash. 28 Purchased store supplies from Porter's for $128 cash. 29 Paid Krause, Inc., $19,600 cash for the merchandise purchased on May 1. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Inventory Dr. Terms Office Supplies Dr. Other Accounts Dr.

Peachtree Company uses 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 $19,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,280 to G. Seles for $3,400 on credit subject to a $49 sales discount if paid by the end of the month. 14 Purchased $430 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $450 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $590 to D. Air for $1,220 cash. 28 Purchased store supplies from Porter's for $128 cash. 29 Paid Krause, Inc., $19,600 cash for the merchandise purchased on May 1. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Inventory Dr. Terms Office Supplies Dr. Other Accounts Dr.

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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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…
Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,and general journal. Prepare a purchases journal. Journalize the following transactionsthat should be recorded in the purchases journal.July 1 Purchased $14,500 of merchandise on credit from Hector Co., terms n/15.4 Sold merchandise costing $320 to C. Paul for $430 cash.8 Purchased $420 of office supplies from Zhang Co. on credit, terms n/30.15 Paid Hector $14,500 cash for the merchandise purchased on July 1.21 Purchased $885 of store supplies on credit from Staples, terms n/30.22 Sold merchandise costing $2,000 to MicroTran for $2,500 on credit, terms n/30.23 Purchased office supplies from Depot for $305 cash.25 Purchased $3,000 of merchandise on credit from Alfredo Co., terms n/30.27 Paid employee salaries of $1,650 in cash.
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Gomez 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. July 1 Purchased $23,500 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $1,220 to C. Paul for $1,330 cash. 8 Purchased $780 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $23,500 cash for the merchandise purchased on July 1. 21 Purchased $1,155 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,900 to MicroTran for $3,400 on credit, terms n/30. 23 Purchased office supplies from Depot for $395 cash. 25 Purchased $6,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,550 in cash. PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr.
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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.
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