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 InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase DiscountsSales Returns and AllowancesCost of Goods SoldPurchase Returns and AllowancesSales Tax PayablePLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.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 $2,198. JOURNAL Page 124Date DR DR or (or other accounts) CR2019 Jul. 5 Jul. 9 Jul. 22 SalesJOURNALPage 124orDate Invoice No.DRDR(or other accounts)CR2019Jul. 5Jul. 9Jul.22 Using the five journals as named here:Sales, Purchases, Cash Receipts, Cash Disbursements, and Generaland using the following as possible column header titles:• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or Noneand using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system:Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesPurchase Returns andCost of Goods SoldSales Tax PayableAllowancesPLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) andall dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.• 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, forinventory 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 Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. 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.

Name: Using the five journals as named here:Sales, Purchases, Cash Receipts,
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Description: 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

Periodic inventory system: Under this system, the inventories are updated periodically. At the end…

JOURNAL

Page 124

or

(or other accounts) CR

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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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 Receivable	Purchases	Sales Discounts
Cash	Purchase Discounts	Sales Returns and Allowances
Cost of Goods Sold	Purchase Returns and Allowances	Sales Tax Payable

PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.

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.

Sales
JOURNAL
Page 124
or
Date Invoice No.
DR
DR
(or other accounts)
CR
2019
Jul. 5
Jul. 9
Jul.
22

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
PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and
all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks.
• 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.

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