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Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

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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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
Transcribed Image Text: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
Transcribed Image Text: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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