A company entered into the following transactions Match sach transaction with the appropriate journal in which it should be recorded Purchased merchandise from Able Ce for $2.000 terms 210, 30 Invoice dated August & General Journal aid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758 & Cash payments journal Sold merchandise on credit to Delta Corp for $3,000 terms, 2/10, 30, Invoice No. 246. C.Cash receipts journal Cost of Goods Sold in $1,740 a Purchases journal Received cash payment in full from Delta Corp. for August 5 sale Recorded cash sales for the month $0.000 Sales Journal Returned defective inventory purchased on account from Able Co. for $550

A company entered into the following transactions Match sach transaction with the appropriate journal in which it should be recorded Purchased merchandise from Able Ce for $2.000 terms 210, 30 Invoice dated August & General Journal aid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758 & Cash payments journal Sold merchandise on credit to Delta Corp for $3,000 terms, 2/10, 30, Invoice No. 246. C.Cash receipts journal Cost of Goods Sold in $1,740 a Purchases journal Received cash payment in full from Delta Corp. for August 5 sale Recorded cash sales for the month $0.000 Sales Journal Returned defective inventory purchased on account from Able Co. for $550

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 6E: Record the following transactions in general journal form for Ford Education Outfitters and Romero...

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The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.