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A company uses a sales journal purchases journal cash receipts journal cash disbursements journal, and general journal A perpetual inventory system is used The following transactions were

A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current month of October:

 

Oct.

3

Sold merchandise for $6,000 to the South Corp. on credit, invoice no. 1122. Cost of the goods sold is $3,900.

 

6

Sold a piece of land for $30,000 cash. The land was originally purchased for $30,000.

 

11

Purchased supplies from Office Helpers for $420 cash. Check no. 2795.

 

15

Issued a credit memo for $550 to West Corp. for returned merchandise. Cost of the goods returned is $369.

 

21

Returned $330 of merchandise purchased from Min Corp. for credit on account.

 

24

Paid cash to Management Inc. for monthly rent of $5,400. Check no. 2796.

 

31

Recorded depreciation on equipment of $12,000.


Record these transactions in the appropriate journal shown below:
 

 

 

Sales Journal

 

 

Date

 

Account Debited

 

 

Invoice Number

 

 

PR

Accounts Receivable Dr. Sales Cr.

 

Cost of Goods Sold Dr.

Inventory Cr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 


 

Purchases Journal

 

 

Date

 

 

Account

 

Date of Invoice

 

 

Terms

 

 

PR

Accounts Payable Cr.

 

Inventory Dr.

Office Supplies Dr.

Other Accounts Dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 



 

Cash Receipts Journal

 

 

 

 

Date

 

 

 

Account  Credited

 

 

 

 

Explanation

 

 

 

 

PR

 

 

 

Cash Dr.

 

 

Sales Discount Dr.

 

 

Accounts Receivable Cr.

 

 

 

Sales Cr.

 

 

Other Accounts Cr.

Cost of Goods Sold Dr. Inventory Cr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   


 
 

Cash Disbursements Journal

 

 

Date

 

Ck. No.

 

 

Payee

 

Account Debited

 

 

PR

 

Cash Cr.

 

Inventory Cr.

Other Accounts Dr.

Accounts Payable Dr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 



 

General Journal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

Jan 28 2020 View more View Less

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