Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: . Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Sold Purchase Returns and Sales Tax Payable Allowances • On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945. • On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460 • On Jul. 22, received payment from Smith Mfg, who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2,.198.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Using the five journals as named here:
. Sales, Purchases, Cash Receipts, Cash Disbursements, and General
and using the following as possible column header titles:
• Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or None
and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system:
| Accounts Payable
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
. On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945.
. On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460
• On Jul. 22, received payment from Smith Mfg. who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2.198.
JOURNAL
Page 124
Date
DR
DR
(or other accounts)
CR
2019
Jul. 5
Jul. 9
Jul.
22
Transcribed Image Text:Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: • Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: | Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances . On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945. . On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460 • On Jul. 22, received payment from Smith Mfg. who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2.198. JOURNAL Page 124 Date DR DR (or other accounts) CR 2019 Jul. 5 Jul. 9 Jul. 22
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