[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?

[paraclete]

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?

It is not a matter of picking answers you were asked to complete various journals without these we cannot see where your mistake is

[Pidgeon73]

For this I had to assign the proper journals out of the 4 and the had to total each group to get the answers. For instance

May 4 Received $300 from E. Gilmour representing the
Balance from a sale made in March.
Cash receipt journal300?

May 6 Made a credit sale of merchandise to W. Jones,invoice No. 506, $890. (Sales Journal 890)

May7 E. Cotter invested additional cash of $6,000. (General 6000)

May 8Sold merchandise on credit to R. Hopkins, invoice No. 507, $2,000.(sales journal 2,000)

May11 Received payment from W. Jones for invoice No.506, less a 2% discount. ( cash receipts journal 872.20?

May13 R. Hopkins was granted a $90 credit for merchandise
Returned. (General 90)

May15 Cash sales for the first half of the month totaled $740.
(Cash receipts Journal 740)

May19 Sold merchandise on account to R. Donovan,invoice No. 508, $1,250. (sales journal 1250)

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 1845)

May27 Obtained a short-term loan of $1,500 from a local bank.
(cash receipts journal 1500)

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 journal620)


The total under cash column in cash receipts journal is:
A. 13,257.20 C.7,257.20
B. 13,167.20 D.7,167.20
With my calculations I got (D) which is wrong

The total of the sales journal for the month is:
A. 7485 B.7345 C. 5985 D. 5895
With my calculations I got (C) which is right

Which of the following transactions will appear in the general journal?
A. may 7
B. may 13
C. may 7 and 13
D. may 7, 13, and 27 I got (C) with my calculations and was wrong