Question

Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.
  

May		1		Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30.
		8		Sold merchandise costing $900 on credit to G. Seles for $1,500 subject to a $30 sales discount if paid by the end of the month.
		14		Purchased $240 of store supplies from Chang Company on credit, terms n/30.
		17		Purchased $260 of office supplies on credit from Monder Company, terms n/30.
		24		Sold merchandise costing $400 to D. Air for $650 cash.
		28		Purchased store supplies from Porter’s for $90 cash.
		29		Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1.

  
Journalize the May transactions that should be recorded in the purchases journal assuming the perpetual inventory system is used.

	PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr. May 01

Answer 1

Purchase journal
Date	Account	Date of Invoice	Terms	Account payables Cr	Inventory Dr	Office suplies Dr	Other Accounts Dr
May-01	Krause Inc	01-May	n/30	10100	10100
May-14	Chang Company	14-May	n/30	240			240
May-17	Monder company	17-May	n/30	260		260