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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 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. |
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6 |
Sold a piece of land for $30,000 cash. The land was originally purchased for $30,000. |
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11 |
Purchased supplies from Office Helpers for $420 cash. Check no. 2795. |
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15 |
Issued a credit memo for $550 to West Corp. for returned merchandise. Cost of the goods returned is $369. |
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21 |
Returned $330 of merchandise purchased from Min Corp. for credit on account. |
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24 |
Paid cash to Management Inc. for monthly rent of $5,400. Check no. 2796. |
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31 |
Recorded depreciation on equipment of $12,000. |
Record these transactions in the appropriate journal shown below:
Sales Journal |
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Date |
Account Debited |
Invoice Number |
PR |
Accounts Receivable Dr. Sales Cr. |
Cost of Goods Sold Dr. Inventory Cr. |
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Purchases Journal |
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Date |
Account |
Date of Invoice |
Terms |
PR |
Accounts Payable Cr. |
Inventory Dr. |
Office Supplies Dr. |
Other Accounts Dr |
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Cash Receipts Journal |
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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. |
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Cash Disbursements Journal |
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Date |
Ck. No. |
Payee |
Account Debited |
PR |
Cash Cr. |
Inventory Cr. |
Other Accounts Dr. |
Accounts Payable Dr. |
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General Journal |
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