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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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!!
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
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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