ivory5130
May 10, 2007, 07:57 PM
I just need to know if I did this correctly. The directions state that Middleton Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. Here are the following transactions.
3-2 Sold mdse costing 300 to B fager for 450 cas, invc 5703
3-5 Purchased 2300 of mdse on credit from Marsh Corp.
3-7 Sold mdse costing 800 to J. Dryer for 1150, terms 2/10 n/30, invc 5704
3-8 Borrowed 8000 cash by signing a notes payable to the bank.
3-12 Sold mdse costing 200 to R. Land for 320, terms n/30, invc 5705
3-16 Received 1127 cash from J. Dryter to pay for the purchase of March 7
3-19 Sold used store equipment for 900 cash to Malone, Inc.
3-25 Sold mdse costing 350 to T. Burton for 550, terms n/30, invc 5706
Prepare headings for a sales journal. Journalize the transactions that should be recorded in this sales journal.
I choose dates 3-2, 3-7, 3-12, and 3-25. Did I choose the right ones and did I forget anything?
Total 2470 a/r debited and sales credited
Total 1650 COGS debit and inventory credit:confused:
3-2 Sold mdse costing 300 to B fager for 450 cas, invc 5703
3-5 Purchased 2300 of mdse on credit from Marsh Corp.
3-7 Sold mdse costing 800 to J. Dryer for 1150, terms 2/10 n/30, invc 5704
3-8 Borrowed 8000 cash by signing a notes payable to the bank.
3-12 Sold mdse costing 200 to R. Land for 320, terms n/30, invc 5705
3-16 Received 1127 cash from J. Dryter to pay for the purchase of March 7
3-19 Sold used store equipment for 900 cash to Malone, Inc.
3-25 Sold mdse costing 350 to T. Burton for 550, terms n/30, invc 5706
Prepare headings for a sales journal. Journalize the transactions that should be recorded in this sales journal.
I choose dates 3-2, 3-7, 3-12, and 3-25. Did I choose the right ones and did I forget anything?
Total 2470 a/r debited and sales credited
Total 1650 COGS debit and inventory credit:confused: