Originally Posted by
Pidgeon73
Cotter Corporation had the following selected transactions for the
month of May, 20XX.
May 4 Received $300 from E. Gilmour representing the
balance from a sale made in March.
I said Cash receipt journal??
May 6 Made a credit sale of merchandise to W. Jones,invoice No. 506, $890. (Sales Journal?)
May7 E. Cotter invested additional cash of $6,000. (General)
May 8Sold merchandise on credit to R. Hopkins, invoice No. 507, $2,000.(sales journal??)
May11 Received payment from W. Jones for invoice No.506, less a 2% discount. (Cash receipts journal)?
May13 R. Hopkins was granted a $90 credit for merchandise
returned. (General)?
May15 Cash sales for the first half of the month totaled $740.
(Cash receipts Journal)?
May19 Sold merchandise on account to R. Donovan,invoice No. 508, $1,250. (sales journal??)
May21 Received payment from R. Hopkins for invoice No. 507, less return of May 13 (cash receipts for 1910)
May25 Sold merchandise on account to D. Ruddy, invoice No. 509, $1,845. (sales journal)
May27 Obtained a short-term loan of $1,500 from a local bank.
(cash receipts journal)
May28 Received payment from R. Donovan for invoice No. 508, less a 2% discount. (cash receipts journal for 1225)
May31 Cash sales for the second half of the month totaled $620.
(cash receipts journal)
REQUIRED: Record the preceding transactions, using the sales journal, cash
receipts journal, and the general journal provided at the back of this unit and
then answer questions 1-3.
1. The total of the cash column in the cash receipts journal is
A. $13,257.20 C. $7,257.20
B. $13,167.20 D. $7,167.20
I picked (D) and I was wrong. what am I doing wrong??
2. The total of the sales journal for the month is
A. $7,485. C. $5,985.
B. $7,345. D. $5,895.
I picked (C) and was right
3. Which of the following transactions will appear in the general journal?
A. May 7 C. May 7 and 13
B. May 13 D. May 7, 13, and 27
I picked (C) and was wrong. I think the right answer is (A)
Can some help me?
