Question

Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,000 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $945 to R. Allen for $1,575, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $570 to J. Meyer for $950 cash, Invoice No. 2081. 19 Received $1,575 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $735 to B. Kraft for $1,050, terms n/10, Invoice No. 2082. SALES JOURNAL Accounts Invoice Number Receivable Dr. Sales Date Account Debited Cost of Goods Sold Dr. Inventory Cr. Cr June 09 June 27 June 05 June 19 June 27

Answer 1

Sales Journal
Date	Account debited	Invoice number	Accounts Receivable Dr. Sales Cr.	Cost of Goods Sold Dr. Inventory Cr.
June 5
June 09	R. Allen	2080	$1,575	$945
June 12
June 19
June 27	K. Kraft	2082	$1,050	$735
Note:
*June 5 transaction to be entered in the purchase journal as it involves credit purchase of merchandise.
*June 12 transaction to be entered in the Cash Receipts journal as it involves a cash sale
*June 19 transaction to be entered in the Cash payment journal as it involves a cash payment

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*Special journals are used to record transactions of a similar nature.

*Special journals of 5 types and they are as follows:

1. Sales journal - To record credit sales of merchandise

2. Purchase journal - To record credit purchases of merchandise

3. Cash receipts journal - To record all cash receipts.

4. Cash disbursement (or Cash payment journal) - To record all cash disbursements (or) cash payments.

5. General journal - To record all adjusting entries and other entries that do not fit in any of the above special journals.