Prepare headings for a cash disbursements journal like the one in Exhibit 7A.4. Journalize the April transactions
from Exercise 7-10 that should be recorded in the cash disbursements journal assuming that the
periodic inventory system is used.
rEFER 7-10
Haver Pharmacy uses the following journals: sales journal, purchases journal, cash receipts journal, cash
disbursements journal, and general journal. On June 5, Haver purchased merchandise priced at $14,000,
subject to credit terms of 2/10, n/30. On June 14, the pharmacy paid the net amount due for the merchandise.
In journalizing the payment, the pharmacy debited Accounts Payable for $14,000 but failed to
record the cash discount on the purchases. Cash was properly credited for the actual $13,720 paid. (a) In what journals would the June 5 and the June 14 transactions be recorded? (b) What procedure is likely to discover the error in journalizing the June 14 transaction?
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