R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020.May 1 R. Sunland invested $46,900 cash in the business.2 Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470.3 Purchased merchandise for $6,940 from J. Moskos using check no. 101.14 Paid salary to H. Rivera $715 by issuing check no. 102.16 Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550.22 A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given. R. SUNLAND CO.Cash Receipts JournalSalesAccounAccountCashDiscountsReceivalCreditedRef.Dr.Dr.Cr.>>> Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entriesin the order presented in the problem statement.)AND CO.pts JournalAccountsSalesOtherCost of Goods SoldReceivableRevenueAccountsDr.Cr.Cr.Cr.Inventory Cr.

A cash receipts journal is a financial record showing the cash inflow in the business on account of…

Answered: R. Sunland Co. uses special journals…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 38RSCQ

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

May 1		R. Sunland invested $46,900 cash in the business.
2		Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470.
3		Purchased merchandise for $6,940 from J. Moskos using check no. 101.
14		Paid salary to H. Rivera $715 by issuing check no. 102.
16		Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550.
22		A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.

R. SUNLAND CO.
Cash Receipts Journal
Sales
Accoun
Account
Cash
Discounts
Receival
Credited
Ref.
Dr.
Dr.
Cr.
>
>
>

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.)
AND CO.
pts Journal
Accounts
Sales
Other
Cost of Goods Sold
Receivable
Revenue
Accounts
Dr.
Cr.
Cr.
Cr.
Inventory Cr.

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