Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days. May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $580 to D. Air for $1,190 cash. May 28 Purchased store supplies from Porter's for $126 cash. May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Accounts Payable Terms Inventory Debit Office Supplies Debit Other Accounts Credit Debit
Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days. May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $580 to D. Air for $1,190 cash. May 28 Purchased store supplies from Porter's for $126 cash. May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Accounts Payable Terms Inventory Debit Office Supplies Debit Other Accounts Credit Debit
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section: Chapter Questions
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![Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.
Journalize the following transactions that should be recorded in the purchases journal.
May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30.
May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days.
May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30.
May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30.
May 24 Sold merchandise costing $580 to D. Air for $1,190 cash.
May 28 Purchased store supplies from Porter's for $126 cash.
May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1.
PURCHASES JOURNAL
Date
Account
Date of
Invoice
Terms
Accounts Payable
Other Accounts
Inventory Debit
Office Supplies Debit
Credit
Debit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8a0d358-6440-46fa-a746-a0b08d8cd21f%2F5723b401-07d3-4165-a143-1d03feab362d%2Flmrep2f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.
Journalize the following transactions that should be recorded in the purchases journal.
May 1 Purchased $19,100 of merchandise on credit from Krause, Incorporated, terms n/30.
May 8 Sold merchandise costing $1,260 to G. Seles for $3,300 on credit subject to a $48 sales discount if paid within 30 days.
May 14 Purchased $420 of store supplies from Chang Company on credit, terms n/30.
May 17 Purchased $440 of office supplies on credit from Monder Company, terms n/30.
May 24 Sold merchandise costing $580 to D. Air for $1,190 cash.
May 28 Purchased store supplies from Porter's for $126 cash.
May 29 Paid Krause, Incorporated, $19,100 cash for the merchandise purchased on May 1.
PURCHASES JOURNAL
Date
Account
Date of
Invoice
Terms
Accounts Payable
Other Accounts
Inventory Debit
Office Supplies Debit
Credit
Debit
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