On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. Using the five journals as named here:• Sales, Purchases, Cash Receipts, Cash Disbursements, and GeneralUsing the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."):• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref.And using the accounts listed below, complete the journal headings and record the journal entries for the followingtransactions, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesCost of GoodsPurchase Returns andSales Tax PayableSoldAllowancesPLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (orin the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollaramount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks.• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000.Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.• On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenanceroom. Use check #8025 and debit the Repairs and Maintenance account, #655.• On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventorypurchased on Apr. 25. Maryland offered terms of 2/10, n/30. JOURNALPage 144PurchaseDateAccountCheck No.DRCRCR2019May2MayMay8

A journal entry is a record of a financial transaction in a company's accounting system. It…

• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. • On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenance room. Use check #8025 and debit the Repairs and Maintenance account, #655. • On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventory purchased on Apr. 25. Maryland offered terms of 2/10, n/3O.

• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024. • On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenance room. Use check #8025 and debit the Repairs and Maintenance account, #655. • On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventory purchased on Apr. 25. Maryland offered terms of 2/10, n/3O.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1MP

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PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Ryans Rats Nest, a small retail business, is as follows: REQUIRED 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter. 2. Post the individual purchase amounts to the accounts payable ledger.
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:
The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded: (a) Sold merchandise on account. (b) Purchased delivery truck on account for use in the business. (c) Received payment from customer on account. (d) Purchased merchandise on account. (e) Issued check in payment of electric bill. (f) Recorded depreciation on factory building.
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.
Can a sales journal be used to record sales on account and a cash sale? Why or why not?