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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

JOURNALIZING CASH PAYMENTS Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased:

Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $5,000, terms 2/10, n/30. Payment is made within the discount period.

12 Issued Check No. 319 to McGoniglc Co. for merchandise purchased September 2, $8,400, terms 1/10, n/30. A credit memo had previously been received from McGoniglc Co. for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8.

19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $4,600, terms n/30.

27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $7,000, terms 2/10, n/30. Payment is made within the discount period.

To determine

Record the payment for merchandised purchased in a cash payments journal.

Explanation

Cash payments journal: Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes...

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