R. Sheridan Co. uses special journals and a general journal. The following transactions occurred during May 2022. May R. Sheridan invested $54,000 cash in the business. 1 2 3 14 16 22 Sold merchandise to Lawrie Co. for $6,560 cash. The cost of the merchandise sold was $4,120. Purchased merchandise for $7,620 from J. Moskos using check no. 101. Paid salary to H. Rivera $625 by issuing check no. 102. Sold merchandise on account to K. Stanton for $815, terms n/30. The cost of the merchandise sold was $555 A check of $9,400 is received from M. Mangini in full for invoice 101; no discount given.
R. Sheridan Co. uses special journals and a general journal. The following transactions occurred during May 2022. May R. Sheridan invested $54,000 cash in the business. 1 2 3 14 16 22 Sold merchandise to Lawrie Co. for $6,560 cash. The cost of the merchandise sold was $4,120. Purchased merchandise for $7,620 from J. Moskos using check no. 101. Paid salary to H. Rivera $625 by issuing check no. 102. Sold merchandise on account to K. Stanton for $815, terms n/30. The cost of the merchandise sold was $555 A check of $9,400 is received from M. Mangini in full for invoice 101; no discount given.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:R. Sheridan Co. uses special journals and a general journal. The following transactions occurred during May 2022.
May
1
2
Sold merchandise to Lawrie Co. for $6,560 cash. The cost of the merchandise sold was $4,120.
Purchased merchandise for $7,620 from J. Moskos using check no. 101.
Paid salary to H. Rivera $625 by issuing check no. 102.
16 Sold merchandise on account to K. Stanton for $815, terms n/30. The cost of the merchandise sold was $555
A check of $9,400 is received from M. Mangini in full for invoice 101: no discount given.
3
14
R. Sheridan invested $54,000 cash in the business.
22
Transcribed Image Text:Date
2022
Ref.
Show Transcribed Text
Cash
Dr.
Account
Credited
Show Transcribed Text
Accounts
Receivable
Cr.
Ref.
A
Sales
Discounts
Dr.
J
Cash
Dr.
R. SHERIDAN CO.
Cash Receipts Journal
Sales
Revenue
Cr.
1
Accounts
Receivable
Cr.
Other
Accounts
Cr.
R. SHERIDAN
Cash Receipts J
Sales
Discounts
Dr.
Sales
Revenue
Cr.
CR1
Cost of Goods Sold
Dr.
Inventory Cr.
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