Question :
147.A company uses a sales journal, purchases journal, cash receipts : 1258271
147.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 February:
Feb. 3Sold merchandise for $5,000 to the North Corp. on credit, Invoice No. 785. Cost of the goods sold is $2,900.
6Sold a piece of land for $25,000 cash. The land was originally purchased for $25,000.
11Purchased supplies from Office Mate for $240 Cash. Check No. 2316.
15Issued a credit memo for $850 to North Corp. for returned merchandise. Cost of the goods returned is $410.
21Returned $130 of merchandise purchased from Shifton Corp. for credit on account.
22Paid cash to Rentals Inc. for monthly rent of $3,500. Check No. 2317.
31Recorded depreciation on equipment of $7,000.
Record these transactions in the appropriate journals that follow.
Sales Journal
DateAccount
DebitedInvoice
Number
PRAccounts Receivable Dr.
Sales Cr.Cost of Goods Sold Dr.
Inventory Cr.
Purchases Journal
Date
Account
Date of
Invoice
Terms
PRAccounts
Payable
Cr.
Inventory
Dr.Office
Supplies
Dr.Other
Accounts
Dr.
Cash Receipts Journal
Date
Account
Credited
Explanation
PR
Cash
Dr.
Sales
Disc.
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.Cost of
Goods Sold
Dr.
Inventor
Cr.
Cash Disbursements Journal
Date
Ck.
No.
Payee
Account
Debited
PR
Cash Cr.
Inventory Cr.Other
Accounts
Dr.Accounts
Payable
Dr.
General Journal
DateAccountsDR.CR.
148.Salem Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of July:
July 1Purchased merchandise for cash from Van Co. $4,400, Check No. 1033.
2Purchased office equipment from Bat Co. on credit, $6,700, terms n/60. Invoice dated July 1.
6Paid Badger, Inc., $3,900 cash for previous purchases on account, which is net of a $100 discount, Check No. 1034.
9Purchased merchandise from Aztec, Inc. on credit, terms 1/15, n/30, $23,600. Invoice dated July 8.
10Paid Bat Co. cash for May 2 purchase, Check No. 1035.
18Purchased office supplies on credit $130, terms net EOM from Roberts, Co., Invoice dated July 17.
Record these transactions in the following journals.
Purchases Journal
Date
Account
Date of
Invoice
Terms
PRAccounts
Payable
Cr.
Inventory
Dr.Office
Supplies
Dr.Other
Accounts
Dr.
Cash Disbursements Journal
Date
Ck. No.
Payee
Account Debited
PR
Cash Cr.
Inventory
Cr.Other
Accounts
Dr.Accounts
Payable
Dr.
Purchases Journal
Date
Account
Date of
Invoice
Terms
PRAccounts
Payable
Cr.
Inventory
Dr.Office
Supplies Dr.Other
Accounts
Dr.
7/2Office Equip.July 1n/60 6,700 6,700
7/9Aztec. Inc.July 81/15, n/30 23,60023,600
7/18Roberts, Co.July 17EOM 130 130
Cash Disbursements Journal
149.The following special journal is taken from a merchandising company that uses the perpetual inventory system:
150.A company records its transactions and events in four special journals and a general journal. The company completed the following transactions a through j. Identify the journal in which each transaction should be recorded.
a. Sold merchandise for cash. __________________
b. Collected on a customer’s account. __________________
c. Paid the monthly electric bill. __________________
d. Purchased office supplies on credit. __________________
e. Sold merchandise on credit. __________________
f. Paid a creditor on account. __________________
g. Received returned merchandise for credit. __________________
h. Purchased merchandise on account. __________________
i. Received proceeds from a note issued to the bank. __________________
j. Returned damaged merchandise to the supplier. __________________
151.Gershwin Company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following sales and cash collections transactions were incurred during October:
Oct. 1Sold merchandise on credit to Lake Co. for $3,000, terms 2/10, n/30, Invoice No. 245. Cost of the goods sold is $1,320.
5Sold merchandise on credit to Sigma Corp. for $2,000, terms, 2/10, n/30, Invoice No. 246. Cost of the goods sold is $740.
10Accepted merchandise returned by Lake Co. from October 1 sale. Issued credit memorandum for $500. Cost of the goods returned is $290.
13Received cash payment from Lake Co. for October 1 sale.
19Received cash payment in full from Sigma Corp. for the October 5 sale.
28Recorded cash sales for the month, $8,000. Cost of the goods sold is $4,220.
Record these transactions in the appropriate special journals below.
Sales Journal
DateAccount
DebitedInvoice
Number
PRAccounts Receivable Dr.
Sales Cr.Cost of Goods Sold Dr.
Inventory Cr.
Cash Receipts Journal
Date
Account Credited
Explanation
PR
Cash Dr.
Sales Discount Cr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Dr.Cost of Goods Sold Dr.
Inventory Cr.
General Journal
DateAccountsDR.CR.
152.A company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following purchase and cash payments transactions were incurred during August:
Aug. 1Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. Invoice dated August 1.
7Paid salaries accrued on July 31, $2,100 to manager Ms. Krenz, Check No. 756.
9Returned merchandise costing $200 to Able Co. from August 1 purchase.
11Paid Able Co. for the August 1 purchase, Check No. 757.
28Purchased office supplies from Mercantile Co. on credit, terms 1/10, n/EOM for $335.
29Paid cash to Incite Telephone Co. for monthly telephone bill $250, Check No.758.
Record these transactions in the appropriate special journals below.
Purchases Journal
Date
Account
Date of Invoice
Terms
PRAccounts Payable Cr.
Inventory Dr.Office Supplies Dr.Other Accounts Dr.
Cash Disbursements Journal
Date
Ck. No.
Payee
Account Debited
PR
Cash Cr.
Inventory Cr.Other Accounts Dr.Accounts Payable Dr.
General Journal
8/1Able Co.8/12/10,n/30 2,0002,000
8/28Mercantile8/281/10, n/EOM 335 335
8/7756Ms.KrenzSalariespayable 2,100 2,100
8/11757Able Co.AbleCo. 1,76436 1,800
8/29758InciteTelephoneTelephone exp. 250 250
8/9Accountspayable—AbleCo.200
