Question

May Issued Check No. 534 to Georgia Carpet Mills in payment on account, April 18 purchase, $4,800 less 2% discount. Ce Sold merchandise to Wallton Apartments, Inc., for $28,350 on account, Sales Invoice No. 624. Terms: 2/10, n/30. S Issued Check No. 535 for $1,500 to the Daily Advocate Newspaper for advertising supplement that ran in the newspaper. CP Issued Check No. 536 to Lexis Fine Furniture in payment on account, May 7 purchase, $22,200 less 1% discount. CP Purchased merchandise on account for $19,000 from Lexis Fine Furniture. Terms: 3/15, n/30. P Issued Check No. 537 to Austin Cabinet Makers in payment on account, April 22 purchase, $19,100, less 2% discount. CP Received a check for $5,390 from Carthage Community College as payment on their account less discount, Sales Invoice No. 622 CR Sold merchandise to Tollson Motel for $11,000 on account, Sales Invoice No. 625. Terms: 2/10, n/30. S 20 21

Help with these journal entries please. You can ignore the things I wrote in pencil. I was just writing what type of journal to put things in. CR for cash receipts, etc.

Answer 1

Entries

1 Georgia carpet mills A/c Dr. 4800

To bank 4704

To discount received 96

(Being payment made to Georgia carpet @ 2% discount)

2. Walton apartments A/c Dr. 28350

To sales A/c 28350

(Being goods sold to wallton apartments.)

3. Daily advocate newspaper A/c Dr. 1500

To Bank A/c 1500

(Being payment made to daily advocate newspaper.)

4. Lexis Fine Furniture A/c Dr 22200

To Bank A/c 21978

To discount received A/c 222

(Being payment made to Lexis fine furniture @ 1% discount.)

5. Purchase A/c Dr 19000

To Lexis Fine Furniture A/c 19000

( Being purchase made.)

6. Austin cabinet makers A/c Dr. 19100

To Bank A/c 382

To discount received A/c 18718

(Being payment made to Austin cabinet @ 2% discount.)

7. Bank A/c Dr. 5390

To carthage community college A/c 5390

(Being amount received.)

8. Tollson Motel A/c Dr. 11000

To sales A/c 11000

( Being sales made to Tollson motel)