Blanton Co. uses special journals and a general journal. The following transactions occurred during May 2010.
May 1 I. Blanton invested $30,000 cash in the business.
2 Sold merchandise to B. Maxville for $5,600 cash. The cost of the merchandise sold was $4,200.
3 Purchased merchandise for $4,400 from J. Willis using check no. 101.
14 Paid salary to H. Arness $700 by issuing check no. 102.
16 Sold merchandise on account to K. Andrews for $840, terms n/30. The cost of the
merchandise sold was $630.
22 A check of $7,000 is received from M. Kline in full for invoice 101; no discount given.
Instructions
(a) Prepare a multiple-column cash receipts journal and a multiple-column cash payments journal. (Use page 1 for each journal.)
(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.

Question

Quizplus · Accepted Answer

The Answer of Blanton Co. uses special journals and a general journal. The following transactions occurred during May 2010.
May 1 I. Blanton invested $30,000 cash in the business.
2 Sold merchandise to B. Maxville for $5,600 cash. The cost of the merchandise sold was $4,200.
3 Purchased merchandise for $4,400 from J. Willis using check no. 101.
14 Paid salary to H. Arness $700 by issuing check no. 102.
16 Sold merchandise on account to K. Andrews for $840, terms n/30. The cost of the
merchandise sold was $630.
22 A check of $7,000 is received from M. Kline in full for invoice 101; no discount given.
Instructions
(a) Prepare a multiple-column cash receipts journal and a multiple-column cash payments journal. (Use page 1 for each journal.)
(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.