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-   -   Purchase journal- perpetual.I don't get it (https://www.askmehelpdesk.com/showthread.php?t=167612)

  • Jan 1, 2008, 10:22 AM
    brey4me
    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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