RequiredPrepare the SALES JOURNALPrepare the PURCHASES JOURNAL Sr. NoParticularsDebitCreditMarch 1 Capital1,035,000Cash950,000Computer85,000Mar 03 Purchases430,000FOB Shipping Point430,000Mar 4 Purchases5,000Cash5,000Mar 5 Cash350,000Sales350,000Mar 6 Sales75,000Sales Return75,000Mar 10 Debtors350,000Sales350,000Mar 10 Freight In/Out4,500Cash4,500Mar 11 FOB Shipping Point430,000Discount Received43,000Cash387,000Mar 12 Purchase350,000Cash350,000Mar 14 Bank1,250,000Promissory Note1,250,000Mar 15 Computer10,500Cash10,500 Mar 16 Sales50,000Cash50,000Mar 17 Cash450,000Sales450,000Mar 20 Freight Charges7,500Cash7,500Mar 25 Purchase220,000Shipping Point220,000Mar 26 Freight Out450,000Sales450,000Mar 27 Rent80,000Utilities70,000Advertising5,000Salaries10,500165,500Mar 30 Closing Inventory150,000Trading150,000

A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Answered: Required Prepare the SALES JOURNAL…

Business

Accounting

Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

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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Question

Required

Prepare the SALES JOURNAL

Prepare the PURCHASES JOURNAL

Sr. No
Particulars
Debit
Credit
March 1 Capital
1,035,000
Cash
950,000
Computer
85,000
Mar 03 Purchases
430,000
FOB Shipping Point
430,000
Mar 4 Purchases
5,000
Cash
5,000
Mar 5 Cash
350,000
Sales
350,000
Mar 6 Sales
75,000
Sales Return
75,000
Mar 10 Debtors
350,000
Sales
350,000
Mar 10 Freight In/Out
4,500
Cash
4,500
Mar 11 FOB Shipping Point
430,000
Discount Received
43,000
Cash
387,000
Mar 12 Purchase
350,000
Cash
350,000
Mar 14 Bank
1,250,000
Promissory Note
1,250,000
Mar 15 Computer
10,500
Cash
10,500

Mar 16 Sales
50,000
Cash
50,000
Mar 17 Cash
450,000
Sales
450,000
Mar 20 Freight Charges
7,500
Cash
7,500
Mar 25 Purchase
220,000
Shipping Point
220,000
Mar 26 Freight Out
450,000
Sales
450,000
Mar 27 Rent
80,000
Utilities
70,000
Advertising
5,000
Salaries
10,500
165,500
Mar 30 Closing Inventory
150,000
Trading
150,000

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