PURCHASES JOURNAL
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
CAN SOMEONE HELP ME FILL OUT THE " PURCHASES JOURNAL?
The chart of accounts of Crane Company includes the following selected accounts.
112 | 401 | Sales Revenue | ||||
---|---|---|---|---|---|---|
120 | Inventory | 412 | Sales Returns and Allowances | |||
126 | Supplies | 505 | Cost of Goods Sold | |||
157 | Equipment | 610 | Advertising Expense | |||
201 | Accounts Payable |
In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.
July 1 | Purchased merchandise from Eby Company $8,240. | |
---|---|---|
2 | Received freight bill from Shaw Shipping on Eby purchase $360. | |
3 | Made sales to Fort Company $1,970 and to Hefner Bros. $2,160. | |
5 | Purchased merchandise from Getz Company $3,150. | |
8 | Received credit on merchandise returned to Getz Company $340. | |
13 | Purchased store supplies from Dayne Supply $740. | |
15 | Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,340. | |
16 | Made sales to Aybar Company $3,750 and to Hefner Bros. $1,800. | |
18 | Received bill for advertising from Welton Advertisements $580. | |
21 | Sales were made to Fort Company $150 and to Duncan Company $3,380. | |
22 | Granted allowance to Fort Company for merchandise damaged in shipment $50. | |
24 | Purchased merchandise from Getz Company $3,040. | |
26 | Purchased equipment from Dayne Supply $800. | |
28 | Received freight bill from Shaw Shipping on Getz purchase of July 24, $310. | |
30 | Sales were made to Aybar Company $5,080. |

Transcribed Image Text:Inventory Dr.
Other Accounts Dr.
(120)
(X)

Transcribed Image Text:Purchases Journal
Date
Account Credited (Debited)
Ref.
Accounts Payable Cr.
126/
610/
157/
(201)
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