The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger.
The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PA3.
LO 7.4The following transactions occurred for Donaldson Inc. during the month of July.
| Jul. 1 | Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 |
| Jul. 5 | Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 |
| Jul. 8 | Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 |
| Jul. 9 | Received payment from Palm Springs Inc. |
| Jul. 22 | Received payment from Smith Mfg. after expiration of the discount period |
- Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger.
- Record the same transactions using QuickBooks, and print the journals and subsidiary ledger. They should match.
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