Scribd Logo
Upload

Welcome to Scribd!

  • 12 views

    Chapter 7

    Uploaded by

    brubbs56
    y

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Chapter 7

    Uploaded by

    brubbs56
    12 views11 pages
    y

    Original Title

    Chapter 7 (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    y

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    12 views11 pages

    Chapter 7

    Uploaded by

    brubbs56
    y

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    You are on page 1of 11

    Chapter 7

    QS 7-8, QS 7-9. Exercise 7-1 and 7-3


    Quick Study 7-8
    QS 7-8

    Purchases
    Journal
    • Purchases on
    account, including
    merchandise
    • CR Accounts
    Payable
    PURCHASES JOURNAL
    Office
    Date Account
    Store
    of Term s Inventor
    Date Account Supplie Supplies
    s PR y
    s Dr.
    Krause, Inc. Invoi
    5/01 n/30 Payable
    10,100 Dr.
    10,100 Dr.
    ce Cr.
    Chang Co. 5/14 n/30 240 240
    May
    1
    14 Monder 5/17 n/30 260 260
    Co.
    17
    Quick Study 7-9
    QS 7-9 page

    Purchases Cash Receipts Cash Payments


    Sales Journal
    Journal Journal Journal

    • Sale of • Purchases on • Any transaction • Any transaction


    merchandise account, that includes a that includes a
    on account including DR to Cash CR to Cash
    DR Accounts merchandise
    Receivable CR. Accounts
    Payable

    General Journal
    QS 7-9 page

    Type of account journal


    May
    1 Purchases
    8 Sales
    Journal
    14 Journal
    Purchases
    17 Purchases
    Journal
    24 Cash Receipts
    Journal
    Journal
    Cash Payment
    28
    Journal
    Cash Payment
    29
    Journal
    Exercise 7-1 page 279
    Exercise 7-1 page 279

    Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash
    and a general
    payments journal. Journalize the following transactions that should be recorded in
    journal,
    the sales journal.
    May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice Cash Receipts
    May 5 no. 5703. $2,400 of merchandise on credit from
    Purchased Journal
    Purchases
    May 7 Marchant Corp.
    Sold merchandise costing $800 to J. Dryer for $1,250, terms 3/10, n/30, Journal
    Sales
    May 8 invoice no.$9,000
    Borrowed 5704. cash by signing a note payable to Journal
    Cash Receipts
    May 12 the
    Soldbank.
    merchandise costing $200 to R. Lamb for $340, terms n/30, invoice Journal
    Sales
    May 16 no. 5705. $1,225 cash from J. Dryer to pay for the purchase of
    Received Journal
    Cash Receipts
    May 19 May 7.
    Sold used store equipment (noninventory) for $900 cash to Journal
    Cash Receipts
    May 25 Golf, Inc.
    Sold merchandise costing $500 to T. Taylor for $750, terms n/30, invoice Journal
    Sales
    no. 5706. Journal

    Sales Journal
    3% Disc. If
    paid within • Sale of
    merchandise on
    10 days
    account
    DR Accounts
    Receivable
    SALES
    JOURNAL
    Dat Accoun Invoic Accounts Receivable Cost of Goods Sold
    e tdebit e
    Numb Dr. Sales Dr. Inventory
    May 7 ed
    J. Dryer er570 Cr. 1,25 Cr. 80
    May 12 R. Lamb 4
    570 0 34 0
    20
    May 25 T. Taylor 5
    570 0
    75 0
    50
    6 0 0

    Exercise 7-1 page 279


    Exercise 7-3 page 280
    Exercise 7-3 page 280
    Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash
    payments journal, and a general journal. The following transactions occur in the
    month of November.
    Nov Purchased $3,200 of merchandise on credit from Hart Co., Purchases
    Nov
    3 The
    terms company
    n/20. sold merchandise costing $840 to J. Than for Journal
    Sales
    7 $1,000 on credit, subject to a $20 sales discount if paid by the Journal
    Nov end of the month.
    The company borrowed $3,750 cash by signing a note payable to Cash Receipts
    Nov
    9 J.
    theAli, the owner, contributed $5,000 cash to the
    bank. Journal
    Cash Receipts
    Nov
    13 The company sold merchandise costing $250 to B. Cox for
    company. Journal
    Cash Receipts
    Nov
    18 The
    $330company
    cash. paid Hart Co. $3,200 for the merchandise purchased on Journal
    Cash Payments
    Nov
    22 The company
    November 3. received $980 from J. Than in payment of the November 7 Journal
    Cash Receipts
    Nov
    27 The company paid salaries of $1,650 in
    purchase. Journal
    Cash Payments
    30 cash. Journal
    Journalize the November transactions that should be recorded in the cash receipts
    journal assuming the perpetual inventory system is used. Cash Receipts
    Journal
    Date= 27 -7= 20 days
    Cash received= 1,000 – 20 • Any transaction
    that includes a
    = $980
    DR to Cash
    Cash Receipts
    Dat Accoun Cash Journal
    Sale Account Sales Othe Cof GS
    e tcredit Dr. s
    Disc. s
    Receiv. Cr. r
    Account Dr.
    Inventory
    ed Dr. Cr. s Cr.
    Nov Notes 3,75 3,75
    9
    Nov payable
    J. Ali, 0
    5,00 0
    5,00
    13
    Nov Capital
    Sale 033 33 0 25
    18
    Nov sJ. 0
    98 2 1,00 0 0
    27 Than 0 0 0
    Thank you

    You might also like