CHAPTER 7 Problem 1 The Martine Company uses a sales journal, a cash receipts jo

Question

CHAPTER 7 Problem 1 The Martine Company uses a sales journal, a cash receipts journal to record transactions with its customers. The costs of all merchandise sold was 70% of the sales price. Transactions: July 1 July 2 July 5 Received a check for $800 from R. Hyatt in payment of his account. July 8Sold merchandise for $900 cash. July 10 Received a check in payment of Sales Invoice No. 100 which was Owner invested $10,000 to start Martime Company. Sold merchandise for $12,000 caslh for $500 from B. Rice minus the 2% discount. Borrowed $25,000 cash from United Bank signing a 6-month, 10% note. July 18

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Cash Receipt Journal: Account Credited Ref Cash (Dr) Sales Discount (Dr) Accoutns Revevable (Cr) Sales Revenue (Cr) Note Payable (Cr) Other Accoutn (Cr) July 1 Owner's Capital 10000 10000 July 2 Cash Sales 12000 12000 July 5 R Hayatt 800 800 July 8 Cash Sales 900 900 July 10 B. Rice 490 10 500 July 18 United Bank 25000 25000 Total 49190 10 1300 12900 25000 10000

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