1. Record each of the following selected transactions in general journal form fo

Question

1. Record each of the following selected transactions in general journal form for BJ's Antique Shop. 20X1 Jul. 2 Paid July rent, $700. 7 Sold merchandise on account to Sullivan's Restaurant, $600; terms 2/10.n/30. 8 Purchased merchandise on account from Witaker Imports, $5,750, Issued a credit memorandum to Sullivan's Restaurant for returned merchandise, $150. Sold merchandise for cash, $400. 9 10 15 Received the balance due from Sullivan's Restaurant. 21 Returned for credit merchandise purchased from Witaker Imports, $3,700. 26 Paid Whitaker Imports the balance due. General Journal P.R. Debit Date Account Title Credit

Explanation / Answer

Solution:-

Journal Entries

Date Account Title Debit Credit Jul-02 Rent A/c $700 To Cash A/c $700 (Being Rent Paid in Cash) Jul-07 Sulivan's Restaurant A/c $600 To Sales $600 (Being Sales made on Credit) Jul-08 Purchases A/c $5,750 To Witakar Imports A/c $5,750 (Being Purchases Made on Credit) Jul-09 Sales Return A/c $150 To Sulivan's Restaurant A/c $150 (Being Credit Memorandum Issued) Jul-10 Cash A/c $400 To Sales $400 (Being Cash Sales Made) Jul-15 Cash A/c $441 Discount A/c $9 To Sulivan's Restaurant A/c $450 (Being the balance amount received and discount @2% provided) Jul-21 Witakar Imports A/c $3,700 To Purchase Return A/c $3,700 (Being Purchasde Return made) Jul-26 Witakar Imports A/c $2,050 To Cash A/c $2,050 (Being the balance amount paid in cash)

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