HOW TO MAKE A SALES JOURNAL TABLE The chart of accounts of Crane Company includes the following selected accounts.112 Accounts Receivable 401 Sales Revenue120 Inventory 412 Sales Returns and Allowances126 Supplies 505 Cost of Goods Sold157 Equipment 610 Advertising Expense201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.July 1 Purchased merchandise from Eby Company $8,240.2 Received freight bill from Shaw Shipping on Eby purchase $360.3 Made sales to Fort Company $1,970 and to Hefner Bros. $2,160.5 Purchased merchandise from Getz Company $3,150.8 Received credit on merchandise returned to Getz Company $340.13 Purchased store supplies from Dayne Supply $740.15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,340.16 Made sales to Aybar Company $3,750 and to Hefner Bros. $1,800.18 Received bill for advertising from Welton Advertisements $580.21 Sales were made to Fort Company $150 and to Duncan Company $3,380.22 Granted allowance to Fort Company for merchandise damaged in shipment $50.24 Purchased merchandise from Getz Company $3,040.26 Purchased equipment from Dayne Supply $800.28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $310.30 Sales were made to Aybar Company $5,080. Sales JournalAccounts ReceivableCost of Goods Sold DiDr.Inventory Cr.lateAccount DebitedRef.Sales Revenue Cr.(112)(401)(505)(120)(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the orderpresented in the problem.)DateAccount Titles and ExplanationDebitCredit>>>>>>>>>>>>>>

Sales journal is a record which is use to keep record of all credit sales of firm.in this cogs is…

Answered: The chart of accounts of Crane Company…

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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HOW TO MAKE A SALES JOURNAL TABLE

The chart of accounts of Crane Company includes the following selected accounts.

112	Accounts Receivable	401	Sales Revenue
120	Inventory	412	Sales Returns and Allowances
126	Supplies	505	Cost of Goods Sold
157	Equipment	610	Advertising Expense
201	Accounts Payable

In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.

July 1		Purchased merchandise from Eby Company $8,240.
2		Received freight bill from Shaw Shipping on Eby purchase $360.
3		Made sales to Fort Company $1,970 and to Hefner Bros. $2,160.
5		Purchased merchandise from Getz Company $3,150.
8		Received credit on merchandise returned to Getz Company $340.
13		Purchased store supplies from Dayne Supply $740.
15		Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,340.
16		Made sales to Aybar Company $3,750 and to Hefner Bros. $1,800.
18		Received bill for advertising from Welton Advertisements $580.
21		Sales were made to Fort Company $150 and to Duncan Company $3,380.
22		Granted allowance to Fort Company for merchandise damaged in shipment $50.
24		Purchased merchandise from Getz Company $3,040.
26		Purchased equipment from Dayne Supply $800.
28		Received freight bill from Shaw Shipping on Getz purchase of July 24, $310.
30		Sales were made to Aybar Company $5,080.

Sales Journal
Accounts Receivable
Cost of Goods Sold Di
Dr.
Inventory Cr.
late
Account Debited
Ref.
Sales Revenue Cr.
(112)(401)
(505)(120)
(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order
presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
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