QS 7-6 Purchases journal perpetual LO P1 QS 7-6 Purchases journal-perpetual LO P

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QS 7-6 Purchases journal perpetual LO P1

QS 7-6 Purchases journal-perpetual LO P1 Peachtree Company 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 May May 1 Purchased $10, 100 of nerchandase on eredit from Krause, Inc.. terma n/30- t to G. seles for $1,500 subjeet to w $30 sales discount if paid by the end of the month 14 Purchased $240 of store suppliea from Chang Company on credit, kerna n/30 17 Purchased $260 of office supplies on credit From Monder Company 24 Sold merchandise costing $400 to D. Air For 650 cash 28 Purchasedtore suppliestrom Porter, tor seo cash . terns /30 ok - 29 Paid Krause, The., 910,100 eaah For the merchandise purchased on May hat should be recorded in the purchases journal assuming the perpetual inventory system is used. Journalize the May transactions t

Explanation / Answer

Purchases Journal Date Account Date of Invoice Terms Accounts Payable (Cr.) Inventory (Dr.) Office Supplies (Dr.) Other Accounts (Dr.) 1-May Accounts Payable - Krause Inc 1-May n/30              10,100            10,100                          -                             -   14-May Accounts Payable - Chang Co. 14-May n/30                    240                     -                         240 17-May Accounts Payable - Monder Co. 17-May n/30                    260                     -                        260                           -   Total              10,600            10,100                      260                       240

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