Question

Journalize the following transactions for November in the correct journal. Total each column and provide the posting reference.

Journals:

1) Cash receipts journal

2) Purchase Journal

3) Cash Payments Journal

Nov 1 - Marla James invested $ 12,500 in the card store.

Nov 1 - Paid this​ months' rent to Howard ​Realty, cheque No. 1001 $2,800.

Nov 1 - Purchased merchandise from Upper-Card Company on​ account, $ 5,600. Invoice No.​ 710, dated Nov ​1, terms 2​/10, ​n/30.

Nov 2 - Sold merchandise to Jas Investors on​ account, $ 1,900. Invoice No.​ 602, terms 2​/10, ​n/30. Cost of Goods sold was $1,100.

Nov 9 - Sold merchandise to Los Cabos on​ account, $ 1,000. Invoice No.​ 603, terms 2/10, ​n/30. Cost of Good Sold was $550.

Nov 10 - Paid Able Cleaning Service $ 320. Cheque No. 1002.

Nov 11 - Paid Upper−Card Company invoice No.​ 710, dated Nov 1, cheque No.​ 1003, taking discount.

Nov 12 - Los Cabos returned merchandise that cost $ 100 to the Widget Company. Marla issued credit memorandum No. 1 to Los Cabos for $ 100. All goods were returned to inventory, the cost of the goods returned was $26.

Nov 12 - Purchased merchandise from Kaelynn Imports on​ account, $ 4,600. Invoice No.​ 311, dated Nov ​12, terms 1​/15, ​n/60.

Nov 14 - Sold $ 1,800 worth of card merchandise for cash. Invoice No. 604. Cost of goods sold was $875.

Nov 15 - Returned merchandise to Kaelynn Imports in the amount of $ 1,300. The Widget Company issued debit memorandum No. 1 to Kaelynn Imports.

Nov 16 - Received payment from Los Cabos​, invoice No. 603​ (less returned​ merchandise), less discount.

Nov 16 - Jas Investors paid invoice No.​ 602, no discount.

Nov 23 - Paid Kaelynn Imports balance​ owed, cheque No.​ 1004, less returns and discounts.

Nov 28 - Received invoice $1,300 from Able Cleaning service, for cleaning the basement of the building. Invoice # 148 to be paid in 30 days.

Nov 30 - Marla made cheque No. 1005 payable to her son’s school for tuition in amount of $2,000.

Chart of Accounts
Assets			Revenue
101	Cash		400	Sales
104	Accounts Receivable		401	Sales Discounts
106	Inventory		404	Sales Returns and Allowances
Liabilities
204	Accounts Payable		Expenses
			500	Maintenance Expense
Owner’s Equity			505	Cost of Goods Sold
300	M. James, Withdrawals		520	Rent Expense
301	M James, Capital

**Use perpetual method

Answer 1

Nov.1 12,500 12,500 Nov.16 882 CASH RECEIPTS JOURNAL Cash M James, Cpaital Cash Sales discounts (900*2%) Accounts receivable Cash Accounts receivable 18 900 Nov.16 1,900 1,900 Nov.1 5,600 5,600 Nov.12 PURCHASE JOURNAL Inventory Accounts payable Inventory Accounts payable Accounts payable Inventory 4,600 4,600 Nov.15 1,300 1,300 CS Scanned with CamScanner

Nov.2 SALES JOURNAL Accounts receivable Sales 1,900 1,900 1,100 1,100 Inventory Cost of goods sold Accounts receivable Sales Nov.9 1,000 1,000 550 550 Inventory Cost of goods sold Sales returns and allowances Accounts receivable Nov.12 100 100 26 26 Cost of goods sold Inventory Cash Sales Nov.14 1,800 1,800 875 Inventory Cost of goods sold 875 CS Scanned with CamScanner

Nov.1 2,800 2,800 Nov.10 320 320 Nov.11 5,600 CASH PAYMENTS JOURNAL Rent expense Cash Maintenance expense Cash Accounts payable Cash Inventory (5,600*2%) Accounts payable (4,600-1,300) Cash Inventory (3,300*1%) MJames, Withdrawals Cash 5,488 112 Nov.23 3,300 3,267 33 Nov.30 2,000 2,000 CS Scanned with CamScanner