Please answer all parts with detailed calculations and good formatting and make sure the answer is 100% correct, else leave it for the other tutor to answer. Otherwise i will downvote the answer and report it for uprofessionalism for sure. Please don't use AI or Chat GPT also make sure there is no plagiari.sm. nRotary Company uses four special journals (Sales, Cash Receipts, Purchases and CashDisbursements) as well as a General Journal. For this question, you will only be recordingthe transactions that belong in the Purchases, Cash Disbursements and General Journals.The following transactions occurred during May 2020. The company uses a perpetualinventory system.May 2 Purchased merchandise inventory from Franky Co., invoice datedMay 2nd terms 2/10, n/30, $6,200.4 Sold merchandise on credit to Lenten Inc. for $6,750, terms 2/10,n/30, Invoice # 543. Cost of merchandise inventory was $2,700.6 Received a $400 credit memorandum from Franky Co. formerchandise inventory received on May 2nd and returned for credit.11 Issued cheque # 655 to Franky Co. to pay its May 2nd invoice.12 Received payment from Lenten Inc. for the balance owing on theiraccount.17 Purchased Office Supplies from Queen Co. for $450, terms 2/10,n/30.29 Paid MTS for the monthly telephone bill, $325, cheque # 656.31 Recorded cash sales for the month, $13,000. Cost of merchandise,$9,000.REQUIRED:Record the above transactions for Rotary Company in the special journals provided asappropriate.Note: It is not necessary to provide totals for the journals.

sales journaldatecustomerinvoice no.amountMay 4Lenten Inc543$6,750total$6,750

Answered: Disbursements) as well as a General…

Disbursements) as well as a General Journal. For this question, you will only be recording the transactions that belong in the Purchases, Cash Disbursements and General Journals.

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...

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