Health Co. Company uses special journals to record transactions. Health Co. uses

Question

Health Co. Company uses special journals to record transactions. Health Co. uses the perpetual inventory system. Journalize the following transactions in the appropriate special journal. All credit sales have 2/10, n/30 terms Nov. 3 The company purchased $5,500 of merchandise on credit from Hatch, terms 2/10, n/30. 5 The company sold merchandise costing $5,250 to Level Company for $8,900, invoice no. 278. 7 The owner, L. Garvey, contributed $15,000 cash to the company. 8 The company purchased $7.200 of merchandise on credit from Gentry Company, terms 1/15, n/30. 10 The company sold merchandise costing $4,630 to Nance Company for $8,250, invoice no. 279. 14 The company received payment from Level Company for the November 5 sale within the discount period 15 Health Co. paid salaries of $5,560 for the first half of the month, check no. 214. 16 Health Co. returned $1,200 of the merchandise purchased on November 8 to Gentry Company. 20 Health Co. paid Gentry for the purchase on November 8 within the discount period, check no. 215. 22 Health Co. purchased office equipment from Vale Co. costing $12,000 on credit, terms n/30. Sales Journal Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Invoice Number PR

Explanation / Answer

ACCOUNTS RECEIVABLE DR.

SALES CR.

COST OF GOODS SOLD DR.

INVENTORY CR.

COST OF GOODS SOLD DR.

INVENTORY CR.

SALES JOURNAL DATE ACCOUNT DEBITED INVOICE NUMBER PR

ACCOUNTS RECEIVABLE DR.

SALES CR.

COST OF GOODS SOLD DR.

INVENTORY CR.

NOV 5 LEVEL COMPANY 278 $8,900 $5,250 NOV 10 NANCE COMAPNY 279 $8,250 $4,630

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