Exercise 7-6 Cash disbursements journal-perpetual LO P1 Marx Supply uses a sales

Question

Exercise 7-6 Cash disbursements journal-perpetual LO P1

Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April.

Issued check no. 212 to Lite to pay the amount due for the purchase of April 20, less the discount.

Journalize the April transactions that should be recorded in the cash disbursements journal assuming the perpetual inventory system is used.

Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April.

Explanation / Answer

The purchases journal is only for purchases made on account

april 3 purchased $2,700 of merchandise on credit ., terms n_30.
Column 1: Accounts Payable (CR) 2,700
Column 2: Merchandise Inventory (DR) 2,700
20 april Purchased $3300 of merchandise on credit, terms n_30.
Column 1: Accounts Payable (CR) 3300
Column 3: Store Supplies (DR) 3300

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