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R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1   R. Crane invested $ 48,700 cash in the business. 2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101. 14   Paid salary to H. Rivera $ 760 by issuing check no. 102. 16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585. 22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1   R. Crane invested $ 48,700 cash in the business. 2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101. 14   Paid salary to H. Rivera $ 760 by issuing check no. 102. 16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585. 22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

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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Section A is complete! NEED SECTION B!!

R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020.

May 1   R. Crane invested $ 48,700 cash in the business.
2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760.
3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101.
14   Paid salary to H. Rivera $ 760 by issuing check no. 102.
16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585.
22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

Section A is complete! NEED SECTION B!!

Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) Cas Sales Account Cash Discounts Date Credited Ref. Dr. Dr. 2020 May 1 Owner's Capital 48700 Мay 2 Lawrle Co. 6290 May 22 v M. Mangini 9130 64120 eTextbook and Media Attempts: 3 of 3 used (b) Your answer is partially correct. Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRANECO. Cash Payments Journal k. No. Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. 101 Inventory 102 Salarles and Wages Expense 760 760
Transcribed Image Text:Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) Cas Sales Account Cash Discounts Date Credited Ref. Dr. Dr. 2020 May 1 Owner's Capital 48700 Мay 2 Lawrle Co. 6290 May 22 v M. Mangini 9130 64120 eTextbook and Media Attempts: 3 of 3 used (b) Your answer is partially correct. Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRANECO. Cash Payments Journal k. No. Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. 101 Inventory 102 Salarles and Wages Expense 760 760
Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) co. Journal Accounts Sales Other Cost of Goods Sold Receivable Revenue Accounts Dr. Cr. Cr. Cr. Inventory Cr. 48700 6290 4760 9130 9130 6290 48700 4760 eTextbook and Media Attempts: 3 of 3 used (b) Your answer is partially correct. Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRANECO. Cash Payments Journal CP1 ther Accounts Dr. Accounts Payable Dr. Inventory Cr. Cash Cr. 7330 760 760 7330
Transcribed Image Text:Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) co. Journal Accounts Sales Other Cost of Goods Sold Receivable Revenue Accounts Dr. Cr. Cr. Cr. Inventory Cr. 48700 6290 4760 9130 9130 6290 48700 4760 eTextbook and Media Attempts: 3 of 3 used (b) Your answer is partially correct. Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRANECO. Cash Payments Journal CP1 ther Accounts Dr. Accounts Payable Dr. Inventory Cr. Cash Cr. 7330 760 760 7330
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