Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. I transactions were incurred during August: Aug.1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. 3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. 4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 8 Purchased office supplies on credit from Echo Co. for $300, terms n/30. 9 Returned merchandise costing $200 to Able Co. from August 1 purchase. 11 Paid Able Co. for the August 1 purchase, Cheque No. 758. 13Received payment from Coe Co. for August 4 sale. 15Paid rent expense $1,500, Cheque No. 759. 18Received $2,300 for a $2,000 note receivable from Fox Corp. 20Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28Recorded cash sales for the month $9,000. 29Paid monthly telephone bill $250, Cheque No. 761. Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the jou
Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. I transactions were incurred during August: Aug.1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. 3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. 4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 8 Purchased office supplies on credit from Echo Co. for $300, terms n/30. 9 Returned merchandise costing $200 to Able Co. from August 1 purchase. 11 Paid Able Co. for the August 1 purchase, Cheque No. 758. 13Received payment from Coe Co. for August 4 sale. 15Paid rent expense $1,500, Cheque No. 759. 18Received $2,300 for a $2,000 note receivable from Fox Corp. 20Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28Recorded cash sales for the month $9,000. 29Paid monthly telephone bill $250, Cheque No. 761. Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the jou
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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
Related questions
Question
Do not give answer in image
![Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. I
transactions were incurred during August:
Aug.1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30.
3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30.
4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30,
Invoice No. 245.
8 Purchased office supplies on credit from Echo Co. for $300, terms n/30.
9 Returned merchandise costing $200 to Able Co. from August 1 purchase.
11 Paid Able Co. for the August 1 purchase, Cheque No. 758.
13Received payment from Coe Co. for August 4 sale.
15Paid rent expense $1,500, Cheque No. 759.
18Received $2,300 for a $2,000 note receivable from Fox Corp.
20Made payment in full to Baker Co. for the August 3 purchase, Cheque No.
760.
28Recorded cash sales for the month $9,000.
29Paid monthly telephone bill $250, Cheque No. 761.
Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the jou](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4573d689-6edd-4857-83a3-30b3fa1e2df8%2F111aae7d-66b6-4e50-ae9b-746739b08a71%2Fjuodjuv_processed.png&w=3840&q=75)
Transcribed Image Text:Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. I
transactions were incurred during August:
Aug.1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30.
3 Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30.
4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30,
Invoice No. 245.
8 Purchased office supplies on credit from Echo Co. for $300, terms n/30.
9 Returned merchandise costing $200 to Able Co. from August 1 purchase.
11 Paid Able Co. for the August 1 purchase, Cheque No. 758.
13Received payment from Coe Co. for August 4 sale.
15Paid rent expense $1,500, Cheque No. 759.
18Received $2,300 for a $2,000 note receivable from Fox Corp.
20Made payment in full to Baker Co. for the August 3 purchase, Cheque No.
760.
28Recorded cash sales for the month $9,000.
29Paid monthly telephone bill $250, Cheque No. 761.
Record the above transactions in the appropriate journals. Ignore transactions that should not be posted to the jou
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps with 8 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning