Kozma Company chart if accounts includes the following selected accounts: 101 Ca

ID: 2482682 • Letter: K

Question

Kozma Company chart if accounts includes the following selected accounts:

101 Cash

112 Accounts Receivable

120 Inventories

301 Owners Capital

401 Sales Revenue

414 Sales Discounts

505 Cost of Goods Sold

On April 1st the accounts receivable ledger of Kozma Company showed the following balances: Morrow 1550, Rose 1200, Jennings Co 2900, and Dent 2200. The April transactions involving the receipt of cash as follows :

April :

Apr. 1

The owner, T. Kozma, invested additional cash in the business $7,200.

Received check for payment of account from Dent less 2% cash discount.

Received check for $920 in payment of invoice no. 307 from Jennings Co.

Made cash sales of merchandise totaling $7,245. The cost of the merchandise sold was $4,347.

Received check for $600 in payment of invoice no. 309 from Morrow.

Received cash refund from a supplier for damaged merchandise $740.

Received check for $1,000 in payment of invoice no. 310 from Jennings Co.

Received check for payment of account from Rose.(No Cash Discounts Allowed)

Journalize the transactions above in a six-column cash receipts journal with columns for cash DR. sales discount DR. Accounts Receivable CR. Sales revenue CR. Other Accounts CR. AND cost of goods sold DR/ inventory CR. Foot and cross foot the journal.