Record the following transactions in the appropriate journals ad subsidiary ledg

Question

Record the following transactions in the appropriate journals ad subsidiary ledgers.

Jan 1 - Issued check number 3010 to pay the January rent in the amount of $1,450
Jan 6 - Purchased $5,600 of merchandise for resale from Costa Products, invoice 67698 dated Jan. 5, FOB shipping point, terms 2/10, n30
Jan 9 - Sold merchandise to Bruce Supply, a wholesale customer, on invoice 20001, terms 2/15, n/30, for $3,000
Jan 15 - Paid invoice #67698 for material purchased from Costa Products on Jan. 6 in full (don't forget to discount for the prompt payment)
Jan 17 - Purchased office supplies from Doyle Office Supply on account, invoice #65 for $125, terms n/30
Jan 19 - Purchased $9,000 of merchandise for resale from Costa Products, invoice 67754 dated Jan. 22, FOB destination, terms 2/15, n/30.
Jan 20 - Issued credit memo to Bruce Supply, for material returned, credit memo #cm750 in the amount of $350
Jan 22 - Received check number 6995 from Bruce Supply in payment dated Jan. 20 for $2,597 to pay invoice #20001
Jan 31 - Recorded cash sales for the month in the amount of $1,700

Record in Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Payments Journal, or General Journal.

Record in Accounts Receivable Ledger: Bruce Supply, L. Paul, Accounts Payable Ledger: Costa Products, Doyle Office Supply

Explanation / Answer

Dr   $

Cr   $

Journal Entries: Date Particulars

Dr   $

Cr   $

1-Jan Rent 1450      Bank 1450 6-Jan Purchase 5600      Costa Products 5600 9-Jan Bruce supply 3000       Sales 3000 15-Jan Costa Products 5600      Bank 5488      Discount received 112 17-Jan Supplies expenses 125       Supplies payble 125 19-Jan Purchase 9000       Costa Products 9000 20-Jan Sales returns 350       Bruce supply 350 22-Jan Bank (2650 - 53) 2597 Discount allowed(2650 * 2%) 53     Bruce supply (3000 - 350) 2650 31-Jan Cash 1700      Sales 1700

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