Spindle Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of February 2017: Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. 5 Purchased merchandise on credit from Camp Corp., $2,300. 7 Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. 16 Received $1,127 from J. Eason to pay for the purchase of February 7. 19 Sold used store equipment to Whiten, Inc., for $900 cash. 25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
Spindle Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of February 2017: Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. 5 Purchased merchandise on credit from Camp Corp., $2,300. 7 Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. 16 Received $1,127 from J. Eason to pay for the purchase of February 7. 19 Sold used store equipment to Whiten, Inc., for $900 cash. 25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
