Utilizing the revenue journal below, journalize the following five transactions

Question

Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations:

Date

Invoice
No.

Account Debited

Post.
Ref.

Accts. Rec. Dr.
Sales Rev. Cr.

Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations:

Date

Invoice
No.

Account Debited

Post.
Ref.

Accts. Rec. Dr.
Sales Rev. Cr.

The following purchase transactions occurred during August for Backcountry Kayak Excursions.

Record these transactions in a purchase journal.

Purchases Journal

If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions should be recorded:

(a) On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on invoice 887. (b) On March 21, Porshe sells 5 cell phone covers to Sidekick for $7.50 per cover on invoice 908. (c) On March 22, Porshe sells 18 cell phone covers to Rock-On at $4.25 per cover on invoice 938. (d) On March 26, Porshe sells 200 cell phone covers to Micro at $3.75 each on invoice 959. (e) On March 29, Porshe sells 6 cell phone covers to Charmers for $8.35 each on invoice 997.

Explanation / Answer

Revenue journal:

Revenue Journal

Page 15

Date

Invoice
No.

Account Debited

Post.
Ref.

Accts. Rec. Dr.
Sales Rev. Cr.

March 20

887

Xtreme

112.50

March 21

908

Sidekick

37.50

March 22

938

Rock-On

76.50

March 26

959

Micro

750.00

March 29

997

Charmers

50.10

Purchase journal:

Purchases Journal

Date

Account Credited

Post.
Ref.

Accounts Payable Cr.

Supplies Dr.

Other Accounts
Dr.

Post. Ref.

Amount

Aug 1

  Gear Inc.

5,600

Kevlar

5,600

Aug 6

Southland Company.

3,250

3,250

Aug 14

  Gear Inc.

2,500

2,500

If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions should be recorded:

(a)

Investment of additional cash in the business by the owner

Cash receipt journal

(b)

Rendering of services for cash

Cash receipt journal

(c)

Rendering of services on account

revenue journal

(d)

Receipt of cash on account from a customer

Cash receipt journal

(e)

Sale of office supplies for cash, at cost, to a neighboring business

Cash receipt journal

(f)

Adjustment to record supplies used at the end of the year

general journal

(g)

Closing of drawing account at the end of the year

general journal

Revenue Journal

Page 15

Date

Invoice
No.

Account Debited

Post.
Ref.

Accts. Rec. Dr.
Sales Rev. Cr.

March 20

887

Xtreme

112.50

March 21

908

Sidekick

37.50

March 22

938

Rock-On

76.50

March 26

959

Micro

750.00

March 29

997

Charmers

50.10

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.