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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 Sandcastles Northwest 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:

Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,000, terms 2/10, n/30. Payment is made within the discount period.

19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $5,300, terms 1/10, n/30. A credit memo had previously been received from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12.

21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $3,250, terms n/30.

29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $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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