Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank or enter "0" for 'General Debit' column also. Page: 1 ACCOUNTS PURCHASES GENERAL POST. CASH СК. NO. DATE PAYABLE ACCOUNT DEBITED DISCOUNTS REF. CREDIT DEBIT CREDIT CREDIT DEBIT Clausen Corp. 82X 4,018 | Х 1 х 318 4,100 1 Sep. 5 McGonigle Co. 97 X х 2 х х 2 Sep. 12 319 200 9,700 9,603 Elite Systems v 4,600| Х 3 4,600 X 3 Sep. 19 320 Glenn Falls х 4 х х 6,860 4 Sep. 27 321 7,000 140 Feedback Check My Work Refer to Figure 12-15 in the text and related discussions.
Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it blank or enter "0" for 'General Debit' column also. Page: 1 ACCOUNTS PURCHASES GENERAL POST. CASH СК. NO. DATE PAYABLE ACCOUNT DEBITED DISCOUNTS REF. CREDIT DEBIT CREDIT CREDIT DEBIT Clausen Corp. 82X 4,018 | Х 1 х 318 4,100 1 Sep. 5 McGonigle Co. 97 X х 2 х х 2 Sep. 12 319 200 9,700 9,603 Elite Systems v 4,600| Х 3 4,600 X 3 Sep. 19 320 Glenn Falls х 4 х х 6,860 4 Sep. 27 321 7,000 140 Feedback Check My Work Refer to Figure 12-15 in the text and related discussions.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter12: Special Journals
Section: Chapter Questions
Problem 11SPA
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