E6.6 Vanessa Bosnat uses special journals and a general journal. The following t
ID: 2525262 • Letter: E
Question
E6.6 Vanessa Bosnat uses special journals and a general journal. The following transactions occurred during May 2016.
May 1. V. Bosnat invested $30 000 cash in the business.
May 2. Sold inventory to J. Simon for $12 000 cash. The cost of the inventory sold was $8400.
May 3. Purchased inventory for $18 000 from L.M. Farr using cheque no. 101.
May 14. Paid salary to S. Little $1400 by issuing cheque no. 102.
May 16. Sold inventory on account to B. Jones for $1800, terms n/30. The cost of the inventory sold was $1260.
May 22. A cheque for $18 000 is received from R. Dusto in full for invoice 101; no discount given.
(a) Draw up a multicolumn cash receipts journal (see gure 6A.4, p. 363) and a multicolumn cash payments journal ). (Use page 1 for each journal.)
(b) Record the transaction(s) for May that should be journalised in the cash receipts journal and cash payments journal.
Explanation / Answer
(a) Cash journal (Receipts and payments)
Dr. Cr.
(b) Transactions recorded
Dr. Cr.
General journal
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