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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Screpcap Co. had the following transactions during the first week of June:

June 1    Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160.

1    Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, $720, less 1% discount.

1    Sold merchandise on account to F. Colby, $246, plus 5% state sales tax plus 2% city sales tax.

June 2    Received cash on account from N. Dunlop, $315.

2    Made cash sale of $413 plus 5% state sales tax plus 2% city sales tax.

2    Purchased merchandise on account from Permon Co., $3,200, plus freight charges of $190.

3    Sold merchandise on account to F. Ayres, $211, plus 5% state sales tax plus 2% city sales tax.

3    Issued Check No. 220 to Ellis Co. for merchandise purchased on account, $847, less 1% discount.

3    Received cash on account from F. Graves, $463.

4    Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, $950, less 1% discount.

4    Sold merchandise on account to K. Stanga, $318, plus 5% state sales tax plus 2% city sales tax.

4    Purchased merchandise on account from Mason Milling, $1,630, plus freight charges of $90.

4    Received cash on account from O. Alston, $381.

5    Made cash sale of $319 plus 5% state sales tax plus 2% city sales tax.

5    Issued Check No. 222 to Acme Supply for merchandise purchased on account, $980, less 1% discount.

Required

  1. 1. Record the transactions in a general journal.
  2. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap:
    1. (a) Sales journal
    2. (b) Cash receipts journal
    3. (c) Purchases journal
    4. (d) Cash payments journal

1.

To determine

Prepare the given transactions in a general journal.

Explanation

General Journal: It is a book where all the monetary transactions are recorded in the form of journal entries on the date of their occurrence in a chronological order.

Prepare the given transactions in a general journal:

2.

To determine

Design the given special journals for S Company.

  1. (a) Sales Journal
  2. (b) Cash receipts journal
  3. (c) Purchases journal
  4. (d) Cash payments journal

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