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Concept explainers
Exercise 7-6 Purchases journal P3
Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal.
July 1 Purchased $14,500 or merchandise on credit from Hector co., terms n/15.
4 Sold merchandise costing $320 to c. Paul for $430 cash.
8 Purchased $420 of office supplies from Zhang Co. on credit, terms n/30.
15 paid Hector $14,500 cash for the merchandise purchased on July 1.
21 Purchased $885 of store supplies on credit from Staples, terms n/30.
22 Sold merchandise costing $2,000 to MicroTran for $2,500 on credit, terms n/30.
23 Purchased office supplies from Depot for $305 cash.
25 Purchased $3,000 of merchandise on credit from Alfredo Co., terms n/30.
27 Paid employee salaries of $1,650 in cash.
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Chapter 7 Solutions
Connect Access Card For Fundamental Accounting Principles
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
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