Question

Name ID# Lab Day & Time Group Assignment S5-7 Journalizing purchase and sales transactions Learning Objectives 2, 3 On November 4, 2018, Cain Company sold merchandise inventory on account to Tarin Wholesalers, $12,000, that cost $4,800. Terms 3/10, n/30. On November 5, 2018, Tarin Wholesalers paid shipping of $30. Tarin Wholesalers paid the balance to Cain Company on November 13, 2018 Requirements 1.Journalize Tarin Wholesaler's November transactions. 2.Journalize Cain Company's November transactions.

Answer 1

Tarin Wholesaler
Date	Account	Debit	Credit
4/11/2018	Inventory A/c Dr.	12000
	To Cain Company A/c		12000
5/11/2018	Inventory A/c Dr.	30
	To Cash A/c		30
13/11/18	Cain Company A/c Dr.	11640
	To Cash A/c		11640
13/11/18	Cain Company A/c Dr.	360
	To Cash Discount A/c		360
Cain Company
Date	Account	Debit	Credit
4/11/2018	Tarin Wholesaler A/c Dr.	12000
	To Sales A/c		12000
4/11/2018	Cost of Goods Sold A/c Dr.	4800
	To Inventory A/c		4800
13/11/18	Cash A/c Dr.	11640
	Cash Discount A/c Dr.	360
	To Tarin Wholesaler A/c		12000

Soul Art Gift Shop
Date	Account	Debit	Credit
3-Feb	Inventory A/c Dr.	3300
	To Accounts Payable A/c		3300
7-Feb	Accounts Payable A/c Dr.	900
	To Inventory A/c		900
9-Feb	Inventory A/c Dr.	300
	To Cash A/c		300
10-Feb	Accounts Receivable A/c Dr.	4700
	To Sales A/c		4700
10-Feb	Cost of Goods Sold A/c Dr.	2350
	To Inventory A/c		2350
12-Feb	Accounts Payable A/c Dr.	2352
	To Cash A/c		2352
12-Feb	Accounts Payable A/c Dr.	48
	To Cash Discount A/c		48
28-Feb	Cash A/c Dr.	4700
	To Accounts Receivable A/c		4700