Question

Record these transactions in the appropriate journal. (Shown in Pictures)
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Learning Objectives 2, 3 Check Figure Three entries in the purchases journal Remember Never record the same transaction in two sepa- rate journals. Group A Problem 7-1A Objective: To record purchases and returns The following transactions were completed by Kress Company during May 20X7. 20X2 May 1 Purchased merchandise on account from Clark Co., $1,295. Invoice NA 6 Purchased office supplies on account from Ellis Co., $240, Invoice No. 2 7 Purchased merchandise on account from Puan Co., $780, Invoice No. 3. 11 Returned merchandise to Puan Co., receiving a $45 credit. 12 Received a credit memorandum from Ellis Co. for a shortage on the purchase of May 6, $30. 18 Purchased merchandise for cash, $875. 22 Returned defective merchandise purchased on May 18, receiving a $50 cash refund. 25 Purchased store equipment for $1,000, paying $400 down and owing Astor Co. the balance, Invoice No. 4. 27 Purchased merchandise on account from Wilson Co., $850, Invoice No. 29 Received an allowance of $85 on the purchase of May 25 because the equipment was damaged during shipment. Directions: Record these transactions in the appropriate journal, either a two-co general journal or a one-column purchases journal.

Answer 1

Date	Account title	Debit	Credit
20X2
May.1	Purchases	$     1,295
	Accounts payable		$       1,295
	(Purchases from Clark co, Inv no. 1)
May.6	Office supplies	$        240
	Accounts payable		$           240
	(Purchases from Ellis co, Inv no. 2)
May.7	Purchases	$        780
	Accounts payable		$           780
	(Purchases from Puan co, Inv no. 3)
May.11	Accounts payable	$           45
	Purchases		$             45
	(Purchase returns to Puan co)
May.12	Accounts payable	$           30
	Purchases		$             30
	(Credit note received Ellis co. for purchase on May 6)
May.18	Purchases	$        875
	Cash		$           875
	(Purchases for cash)
May.22	Cash	$           50
	Purchases		$             50
	(Purchases returns for defective merchandise)
May.25	Store equipment	$     1,000
	Cash		$           400
	Accounts payable		$           600
	(Purchase of store equipment vise inv no.4)
May.27	Purchases	$        850
	Accounts payable		$           850
	(Purchases from Wilson co, Inv no. 5)
May.29	Cash	$           85
	Store equipment		$             85
	(Received for damaged equipment)