Sur Company began operations in January and completed these transactions during Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TP Merchandising Company Jan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB D from RST Trading Company. Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of of OMR 1,200 to Bader Company Jan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destina cost of goods sold of OMR 600 to Ali Company. Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects. Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in ship Jan. 15 - Paid RST Trading for the purchases made on account. Jan. 18 - Received payment from customer Ali Company for sold goods on account. Jan. 25 - Acquired land OMR 50,000 by issuing bonds. Jan. 30 - Paid the utility bill for OMR 300. Required: а. Enter the following transactions in the special journals. b. What is the purpose of special journals?
Sur Company began operations in January and completed these transactions during Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TP Merchandising Company Jan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB D from RST Trading Company. Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of of OMR 1,200 to Bader Company Jan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destina cost of goods sold of OMR 600 to Ali Company. Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects. Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in ship Jan. 15 - Paid RST Trading for the purchases made on account. Jan. 18 - Received payment from customer Ali Company for sold goods on account. Jan. 25 - Acquired land OMR 50,000 by issuing bonds. Jan. 30 - Paid the utility bill for OMR 300. Required: а. Enter the following transactions in the special journals. b. What is the purpose of special journals?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sur Company began operations in January and completed these transactions during the month.
Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TRQ
Merchandising Company
Jan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB Destination
from RST Trading Company.
Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of goods sold
of OMR 1,200 to Bader Company
Jan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destination with a
cost of goods sold of OMR 600 to Ali Company.
Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects.
Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in shipment.
Jan. 15 - Paid RST Trading for the purchases made on account.
Jan. 18 - Received payment from customer Ali Company for sold goods on account.
Jan. 25 - Acquired land OMR 50,000 by issuing bonds.
Jan. 30 - Paid the utility bill for OMR 300.
Required:
а.
Enter the following transactions in the special journals.
b. What is the purpose of special journals?
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