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Home > Business & Careers > Accounting   »   Purchase journal- perpetual.I don't get it

 
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Old Jan 1, 2008, 08:22 AM
brey4me
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Purchase journal- perpetual.I don't get it

Redmon company uses a sales journal, a purchase journal, a cash receips journal, a cash disbursements journal and a general journal. The following transactions occur in the month of June.

June 1 Purchased $8100 of merchandise on credit from Vick, Inc., terms n/30

8 Sold merchandise costing $900 on credit to R. Panke for $1500 subject to a $30 sales discount if paid by the end of the month

14th Purchased $240 of store supplies from Poe Company on credit, terms n/30

17th Purchased $260 of office supplies on credit from Rehmer Company, terms n/30

24th Sold merchandise costing $400 to L. Barnett for $630 cash

28th Purchased store supplies from Piburn's for $90 cash.

29th Paid Vick, Inc. $8100 cash for the merchandise purchsed on June 1.

Prepare headings for a purchase journal like the one in Ex. 7.9 Journalize the June transactions that should be recorded in the purchases journal.


*** Could someone please help me with this, as I don't get it....

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