Question

Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms n/30 17 Purchased $280 of office supplies on credit from Monder Company, terns n/30. 24 Sold merchandise costing $420 to D. Air for $710 cash. 28 Purchased store supplies from Porter's for $94 cash. 29 Paid Krause, Inc., $11,100 ecash for the merchandise purchased on May 1 PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr Inventory Dr Supplies Dr. Accounts Dr Next> <Prev 1 of 5

Answer 1

1.

Peachtree Company Purchase Journal
Date	Account	Date of Invoice	Terms	Accounts Payable Cr.	Inventory Dr.	Office Supplies Dr.	Other Accounts Dr.
May 1	Krausse Inc.	May 1	n /30	$ 11,100	$ 11,100
May 14	Chang Company	May 14	n / 30	260			260
May 17	Monder Company	May 17	n / 30	280		280

2.

Finer Company Sales Journal
Date	Account Debited	Invoice No.	Accounts Receivable Dr.Sales Cr.	Cost of Goods Sold Dr. Inventory Cr.
May 7	J. Dryer	5704	$ 1,488	$ 1,026
May 12	R. Lamb	5705	411	257
May 25	T. Taylor	5706	675	430

3.

All Co. Cash Receipts Journal
Date	Account Credited	Cash Dr.	Sales Discount Dr.	Accounts Receivable Cr.	Sales Cr.	Other Accounts Cr.	Cost of Goods Sold Dr. Inventory Cr.
Nov 9	Notes Payable	$ 3,025				$ 3,025
Nov 13	J. Ali, Capital	4,325				4,325
Nov 18	Sales	239			239		134
Nov 27	J. Than	909	19	928