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. _______ JOURNAL Date, , _, _, __ DR, _ DR, _or, __(or other accounts) CR 2019 July 5, _, _, , _, __ July 9_, , _, __, _, ___ July 22_, ____, , _, _, _______

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.

_______________ JOURNAL

Date, __________, _____________, ___________, ____________ DR, _____________ DR, _____________or, ____________(or other accounts) CR

2019

July 5________, _________, _____________, ______________, ___________, ____________

July 9___________, __________, ___________, ____________, ___________, ___________

July 22_______, ____________, ____________, _____________, ___________, ___________

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