Question

Exercise 7-06 a-b (Video) Ivanhoe Company uses special journals and a general journal. The following transactions occurred during September 2020. Sept. 2 Sold merchandise on account to H. Drew, invoice no. 101, $755, terms n/30. The cost of the merchandise sold was $395. 10 Purchased merchandise on account from A. Pagan $565, terms 2/10, 1/30 12 Purchased office equipment on account from R. Cairo $6,900. 21 Sold merchandise on account to G. Holliday, invoice no. 102 for $750, terms 2/10, 1/30. The cost of the merchandise sold was $525. 25 Purchased merchandise on account from D. Downs $880, terms 130. 27 Sold merchandise to S. Miller for $735 cash. The cost of the merchandise sold was $390. Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) IVANIOE COMPANY Sales Journal Date Account Debited Invoice Accounts Receivable Dr. Cost of Goods Sold Dr. No. Rel. Sales Revenue Cr. Inventory Cr. 2020

Answer 1

IVANHOE COMPANY Sales Journal Accounts Receivable Dr. Sales Revenue Cost of Goods Sold Dr. Inventory Account Debited Invoice No. Ref. Cr. Date 2020 Sept 2 Sept 21 H. Drew G. Holiday 101 102 755 750 1505 395 525 920 IVANHOE COMPANY Purchases Journal Inventory Dr. Accounts Payable Cr. Account Credited Terms Ref. Date 2020 Sept 10 Sept 25 A. Pagan D. Downs 2/10, n/30 n/30 565 880 1445