I am not sure where to post the following entries when it comes to Journal Entri
ID: 2422216 • Letter: I
Question
I am not sure where to post the following entries when it comes to Journal Entries. I am not sure which ones go into the the General Journal and which go into the Cash Payments, Cash Reciepts, Purchases, and Sales Journals?
1. Purchased store supplies costing $810 from Local Supply. Paid cash.
2. Paid Beach Office Supply the balance due on Seaside's account.
3. Sent a check for $320 to Local Supply to be applied to Seaside's June 2 purchase.
4. Paid Nautical Industries the balance due on Seaside's June 28 purchase. You must determine the discount to be taken, if any. Seaside's creditors only grant discounts on the basis of full payment of a purchase within the discount period.
5. Sent a check for $1060 to Tackle Box Supply to be applied to Seaside's account.
6. Seaside Marina was informed that the store equipment returned to Office Equipment Company had actually cost Seaside Marina $930 rather than $1,030. Office Equipment Company requested that Mr. Hobie remit a check for $100. Mr. Hobie sent the check.
7. Sold $200 of merchandise to Carl Jenkins on account; terms n/30; invoice #19.
8. Sold $1840 of merchandise to Pope's Charters on account; terms 2/10, n/30; invoice #20.
9. Sold merchandise to Sail Board City for $690 cash.
10. Paid freight of $191 on incoming purchases. These purchases were all FOB shipping point.
11. Paid $290 for June utilities.
12. Received payment for the balance due from Sail Board City, less discount.
13. The board of directors declared a $750 dividend to be paid on July 2.
Explanation / Answer
S.No Particulars Debit($) Credit($)
1. Purchase A/c Dr. 810
To Cash A/c 810
(Purchases)
2. Beach office supply A/c Dr.
To Cash A/c
(Payments)
3. Party A/c Dr. 320
To Bank A/c 320
(payments)
4. Nautical Industries A/c Dr.
To Cash/bank
(payments)
5. Party A/c Dr. 1060
To Bank A/c 1060
(payments)
6. office Equipment Co. A/c Dr. 100
To Bank A/c 100
(Payments)
7. Carl Jenkins A/c Dr. 200
To Sales A/c 200
(Sales)
8. Pope’s charters A/c Dr. 1840
To Sales A/c 1840
(Sales)
9. Cash A/c Dr. 690
To Sales A/c 690
(Sales)
10. Freight A/c Dr. 191
To Cash A/c 191
(Payments)
11. Utilities A/c Dr. 290
To Cash A/c 290
(Payments)
12. Cash Ac Dr.
Discount A/c Dr.
To Sail board city
(Receipts)
13. Reserve A/c Dr. 750
To Dividend payable A/c 750
(Journal)
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