Question

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 $20,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,300 to G. Seles for $3,500 on credit subject to a $50 sales discount if paid by the end of the month. 14 Purchased $440 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $460 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $600 to D. Air for $1,250 cash. 28 Purchased store supplies from Porter's for $130 cash. 29 Paid Krause, Inc., $20,100 cash for the merchandise purchased on May 1. Date of Invoice PURCHASES JOURNAL Accounts Terms Payable Cr. Office Supplies Dr. Other Accounts Dr. Date Account Inventory Dr.

Answer 1

		Date of		Accounts		Office	Other
Date	Account	Invoice	Terms	Payable	Inventory	Supplies	Accounts
1-May	Krause, Inc	1-May	n/30	$ 20,100.00	$ 20,100.00
14-May	Store Supplies/ Chang Co.	14-May	n/30	$      440.00			$ 440.00
17-May	Monder Company	17-May	n/30	$      460.00		$ 460.00