[carriebeth]

The exhibit 7.9 from the text show a purchase journal, accounts receivable ledger and a general ledger. I am just having so much trouble. I was wondering if someone would help me. I know that all the purchases would go into the purchase journal. What about the rest of the items?


Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
Journal, and a general journal. The following transactions occur in the month of June.
June 1 Purchased $8,100 of merchandise on credit from Vick, Inc. terms n
30.
8 Sold merchandise costing $900 on credit to R. Panke for $1,500 subject to a $30 sales discount
If paid by the end of the month.
14 Purchased $240 of store supplies from Poe Company on credit, terms n
30.
17 Purchased $260 of office supplies on credit from Rehmer Company, terms n
30.
24 Sold merchandise costing $400 to L. Barnett for $630 cash.
28 Purchased store supplies from Piburn’s for $90 cash.
29 Paid Vick, Inc. $8,100 cash for the merchandise purchased on June 1.
Prepare headings for a purchases journal like the one in Exhibit 7.9. Journalize the June transactions
That should be recorded in the purchases journal.

[morgaine300]

Can you please stop posting the same thing over and over. It just confuses everyone.

Also, you need to read the guidelines for posting homework problems:
Ask Me Help Desk - Announcements in Forum : Homework Help

[carriebeth]

I am sorry. How did I post the same thing over and over?

[ArcSine]

Carrie, I believe Morgaine's referring to a number of your posts which are essentially the same type of problem, but with a few details changed around.

You are correct that purchases are to be recorded in the Purchases Journal. Figuring out which Journal to use for the other transactions is just as easy... simply look at the type of transaction.

For example, the transaction of June 8 is a sale, so it should be recorded in the Sales Journal.

Note that two of your June dates involve, potentially, two journals each. For example, the June 24 transaction is a sale for cash, so it's both a sale, and a cash receipt. Similarly, the June 28 transaction is both a purchase and a cash disbursement.

For those two--June 24 and 28--you'll need to refer to your text to see if prefers that you book a journal entry in both journals, or in only one. Under one bookkeeping methodology you'd record a cash sale in the Cash Receipts Journal only, and skip the Sales Journal. A different procedure would involve both journals. It's a matter of preference, but in this case, it's your textbook's preference that counts.

[carriebeth]

Thank you. I understand now.

[morgaine300]

It must've been pretty detail because they all looked alike to me.

When you have problems that are all the same, instead of posting them all, you need to learn how to do them first, then attempt to do the others on your own, and then come back to get more help if you need it. Especially given that we are not here to just do your work for you -- it means you must learn one thing at a time.