please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JO
ID: 2340618 • Letter: P
Question
please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL
Week 1
Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.
please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL
Week 1
Date Transaction description 1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021. 2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. 3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30. 3 Paid the full amount owing to Restlay, Cheque No. 903. Payment fell within discount period. 4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904. Payment fell within discount period. 4 Made cash sales of $5,896 during the first 4 days of the month. 4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905. 5Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.
Explanation / Answer
Date Transaction description Special Journal 1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021 CASH RECEIPTS JOURNAL 2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. SALES JOURNAL 3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30. PURCHASES JOURNAL 3 Paid the full amount owing to Restlay, Cheque No. 903. Payment fell within discount period. CASH PAYMENTS JOURNAL 4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904. Payment fell within discount period. CASH PAYMENTS JOURNAL 4 Made cash sales of $5,896 during the first 4 days of the month CASH RECEIPTS JOURNAL 4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905 CASH PAYMENTS JOURNAL 5 Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30. PURCHASES JOURNAL
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