A Company Uses a Sales Journal,purchases Journal,cash Receipts Journal,cash Disbursements
Question 135
Question 135
Essay
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. 361115212431 Sold merchandise for $6,000 to the South Corp. on credit, invoice no. 1122. Cost of the goods sold is $3,900. Sold a piece of land for $30,000 cash. The land was originally purchased for $30,000 Purchased supplies from Office Helpers for $420 cash. Check no. 2795. Issued a credit memo for $550 to West Corp. for returned merchandise. Cost of the goods returned is $369. Returned $330 of merchandise purchased from Min Corp. for credit on account. Paid cash to Management Inc for monthly rent of $5.400 Check no. 2796 Recorded depreciation on equipment of $12,000. Record these transactions in the appropriate journal shown below: SalesJournal 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 DateAccountCredited Explanation PRCashDr.SalesDiscountDr.Accounts ReceivableCr.SalesCr. Other AccountsCr.Cost ofGoodsSold Dr.InventoryCr. CashDisbursementsJournal Date Ck. No. Payee Account Debited PR Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. General Journal
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