Gregory's Glass Repairs had the following transactions involving the receipt of cash.
Jan 1 The owner, Gregory Glenister, invested cash of $20,000 in the business.
Jan 2 Purchased inventory on account for $5,000.
Jan 5 Sold goods for $6,000 credit, the goods cost $2,500.
Jan 8 Paid wages of $1,200.
Jan 15 Purchased inventory for cash, $500.
Jan 19 Sold goods on credit for $8,000. The goods cost $3,200.
Jan 22 Paid wages of $1,200.
Jan 27 Sold goods on credit for $7,000. The goods cost $1,500.
Jan 28 Customer returned faulty goods and received a full credit of $1,000. The goods had originally cost $200.
Required:
(a) Identify the journal in which each transaction is recorded.
(b) Calculate the total of the accounts receivable in the sales journal and the total of the accounts payable in the purchases journal for the month of January.

Question

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The Answer of Gregory's Glass Repairs had the following transactions involving the receipt of cash.
Jan 1 The owner, Gregory Glenister, invested cash of $20,000 in the business.
Jan 2 Purchased inventory on account for $5,000.
Jan 5 Sold goods for $6,000 credit, the goods cost $2,500.
Jan 8 Paid wages of $1,200.
Jan 15 Purchased inventory for cash, $500.
Jan 19 Sold goods on credit for $8,000. The goods cost $3,200.
Jan 22 Paid wages of $1,200.
Jan 27 Sold goods on credit for $7,000. The goods cost $1,500.
Jan 28 Customer returned faulty goods and received a full credit of $1,000. The goods had originally cost $200.
Required:
(a) Identify the journal in which each transaction is recorded.
(b) Calculate the total of the accounts receivable in the sales journal and the total of the accounts payable in the purchases journal for the month of January.

Gregory's Glass Repairs Had the Following Transactions Involving the Receipt