Question : 129. A company uses four special journals: purchases, sales, cash receipts, : 1256299

 

129. A company uses four special journals: purchases, sales, cash receipts, and cash disbursements (perpetual inventory method). The following transactions were incurred during August: 

Aug.

1

Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30, Invoice dated August 1.

 

4

Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, invoice no. 245. Cost of the goods sold is $2,320.

 

5

Sold merchandise on credit to Delta Corp. for $3,000, terms 2/10, n/30, invoice no. 246. Cost of the goods sold is $1,740.

 

7

Paid salaries accrued on July 31, $2,100 to manager Ms. Krenz, check no. 756.

 

9

Returned merchandise costing $200 to Able Co. from August 1 purchase.

 

11

Paid Able Co. for the August 1 purchase, check no. 757.

 

12

Accepted merchandise returned by Coe Co. from August 4 sale. Issued credit memorandum for $500. Cost of the goods returned is $290.

 

13

Received cash payment from Coe Co. for August 4 sale.

 

19

Received cash payment in full from Delta Corp. for the August 5 sale.

 

28

Recorded cash sales for the month, $9,000. Cost of the goods sold is $5,220.

 

29

Paid cash to Incite Telephone Co. for monthly telephone bill $250, check no. 758.

Record these transactions in the appropriate special journals below: 

Sales Journal

 

 

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

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Disbursements Journal

 

 

Date

 

Ck. No.

 

 

Payee

 

Account Debited

 

 

PR

 

Cash Cr.

 

Inventory Cr.

Other Accounts Dr.

Accounts Payable Dr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Journal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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