C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
College Accounting (Book Only): A ...
College Accounting (Book Only): A ...
Solutions
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:
Required
- 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used.
- 2. Total and rule the journals.
- 3. Prove the equality of the debit and credit totals.
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