Business, 03.07.2020 22:01 uniqueray33
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.
May
01 Purchased $11,200 of merchandise on credit from Krause, Inc., terms n/30. Purchases journal May
08 Sold merchandise costing $2,000 to G. Seles for $3,300 on credit subject to a $52 sales discount if paid by the end of the month.
May
14 Purchased $350 of store supplies from Chang Company on credit, terms n/30.
May
17 Purchased $370 of office supplies on credit from Monder Company, terms n/30.
May
24 Sold merchandise costing $675 to D. Air for $1,010 cash.
May
28 Purchased store supplies from Porter’s for $112 cash.
May
29 Paid Krause, Inc., $11,200 cash for the merchandise purchased on May 1.
Required:
Journalize the May transactions that should be recorded in the purchases journal assuming the perpetual inventory system is used.
Answers: 2
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Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disburs...
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