Question

212 Chapter 7 Exercise 7-16 OO During April, Xitang Company completed the following credit parchase transactions Apr Purchased supplies, $400, from Central Co Purchased inventory, S1.200, from McDonald Lad. Xtang Company uses a perpetual inventory syslem Issued cheque to pay Central Co. Purchased equipment, $4.300, from Baker Corp Issued cheque to pay Baker Corp. Purchased inventory, $2,210, from Khalil Ine 11 14 19 20 22 Required Record these transactions first in the general journal-with eplanations-and them in the puchas journal credit terms, posting references, and invoice dates. Alter setting up the purchases journal foem, which poedune for necee transactions is quicker? Why? General Journal CREDIT DEBIT POST REF ACCOUNT TITLES AND EPLANATIONS DATE swazsis uopeuo un Purchases Journal PAGE CREDITS DEBITS OTHER ACCOUNTS INV POST ACCOUNTS POST REF DATE ACCOUNT CREDITED DATE TERMS REF PAYABLE INVENTORY SUPPLIES ACCOUNT TITLE AMOUNT ALOKA 212 Chapter 7 pn Exercise 7-16 During April, Xitang Company completed the following credit purchase transactions: Purchased supplies, $400, from Central Co. Purchased inventory, $1,200, from McDonald Ltd. Xitang Company Apr. 11 uses a perpetual inventory system. 14 Issued cheque to pay Central Co. Purchased equipment, $4,300, from Baker Corp. Issued cheque 19 20 to pay Baker Corp. Purchased inventory, $2,210, from Khalil Inc. 22 Required Record these transactions first in the general journal-with explanations-and then in the purchases journal. Omit credit terms, posting references, and invoice dates. After setting up the purchases journal form, which procedure for recording transactions is quicker? Why? General Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT

Answer 1

Exrcice 7HG General Journal D.sit credit POst AccounttMu and explanalion Purchalette 400 Gloy Cen tmlco. Cein purchaleu mide Cental Con) Ptor Ate 120 n/o 1200 To McDonald td tte eroco furchoted m Me.Donold td Contral co te 14104 Tu Baule Ate 1bery Payment Carnhel co Exui pment Ae To BAker Corp (feiny eguipment purt hed fam Batr corp Pter Corpre cneque inued r 4300 PoY s[0y 4300 4 311 Tu Bank 4te 4300 fo to Bai corp) ( beiny chrgue (ajiment ixued 2210 Stoct Ate 22/09 TU Ichalildne 2210 eto ct punchal ed fam lenalit rRecay Jre)