R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Sunland invested $46,900 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. 3 Purchased merchandise for $6,940 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $715 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. 22 A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.
R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Sunland invested $46,900 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. 3 Purchased merchandise for $6,940 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $715 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. 22 A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section9.5: Posting From A Cash Payments Journal
Problem 1AYU
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R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020.
| May 1 | R. Sunland invested $46,900 cash in the business. | |
|---|---|---|
| 2 | Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. | |
| 3 | Purchased merchandise for $6,940 from J. Moskos using check no. 101. | |
| 14 | Paid salary to H. Rivera $715 by issuing check no. 102. | |
| 16 | Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. | |
| 22 | A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given. |
Transcribed Image Text:R. SUNLAND CO.
Cash Receipts Journal
Sales
Accoun
Account
Cash
Discounts
Receival
Credited
Ref.
Dr.
Dr.
Cr.
>
>
>
Transcribed Image Text:Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries
in the order presented in the problem statement.)
AND CO.
pts Journal
Accounts
Sales
Other
Cost of Goods Sold
Receivable
Revenue
Accounts
Dr.
Cr.
Cr.
Cr.
Inventory Cr.
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