I am struggling to complete a project that is due Monday. I have done all my transactions and cannot find where I am out of balance. I have several transactions that I'm not sure I completed right. Please take a look and tell me what I have done wrong. Any help would be greatly appriecated
I am to post to these transactions to the different special journals (sales, Cash Receipts, Purchase, Cash Payment and General) for Adams Co for the month of May.
May 2 Adams Co issues a $175 credit memo to Camo Co for defective merchandise sold on April 28 and returned for credit.
I posted this to the general journal as this a debit to Merchandise Inventory and a Credit to Cost of Good Sold.
May 3 Adams Co receives a $798 credit memo from Fite Co for the return of merchandise purchased on April 29.
I posted this to the general journal as this a debit to Accounts Payable and a credit to Merchandise Inventory.
May 12 Adams Co receives a $854 credit memo from Nano Co for the return of defective office equipment received on May 10.
I posted this to the general journal as this a debit to Accounts Payable and a credit to Office Equipment.
May 15 Adams Co issues Check #6548, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.
I posted this to the Cash Disbursement Journal as this a debit to other accounts and a credit to Cash. Do I need to make an entry for the 2nd part? If so what?
THANKS!!
