R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Ivanhoe invested $53,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. 3 Purchased merchandise for $7,600 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $775 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. (a) 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.)
R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Ivanhoe invested $53,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. 3 Purchased merchandise for $7,600 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $775 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. (a) 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020.
| May 1 | R. Ivanhoe invested $53,600 cash in the business. | |
|---|---|---|
| 2 | Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. | |
| 3 | Purchased merchandise for $7,600 from J. Moskos using check no. 101. | |
| 14 | Paid salary to H. Rivera $775 by issuing check no. 102. | |
| 16 | Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. | |
| 22 | A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. |
(a)
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.)
Expert Solution
Step 1
Transaction on May 16 does not involve cash so it will not be recorded in the Cash Journal.
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