Using the five journals as named here:. Sales, Purchases, Cash Receipts, Cash Disbursements, and Generaland using the following as possible column header titles:• Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or Noneand using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system:| Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesPurchase Returns andCost of Goods SoldSales Tax PayableAllowances. 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.JOURNALPage 124DateDRDR(or other accounts)CR2019Jul. 5Jul. 9Jul.22

In periodic system of accounting, the cost of goods sold and inventory adjustment is done at the end of the period.

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.

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

Problem 1Q

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