n&ilACE; 201 202) EANARD VIEWPHINTER VIRSION BACK Exercise 7-7 (Part Level Submi

Question

n&ilACE; 201 202) EANARD VIEWPHINTER VIRSION BACK Exercise 7-7 (Part Level Submission) R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2017 May1 R. Santiago invested $45,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,440 cash. The cost of the merchandise sold was $4,160. 3 Purchased merchandise for $6,780 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $065 by issuing check no. 102 n/30. The cost of the merchandise sold was $505 22 A check of $8,830 is received from M. Mangini in full for invoice 101; no discount given ? (a) re a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the statement.) entries in the order presented in the problem R. SANTIAGO CO. Cash Receipts Journal CR1 Account Credited Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr Other Accounts Cr. Cost of Goods Sole Dr Inventory Cr Date Ref. 2017 LINK TO TEX VIDEO SIMLAR EXERCISE Attempts: 0 of 3 used sAVE FOR LAE

Explanation / Answer

1st May Cash A/c Dr 45600

to Capital A/c 45600

2nd May Cash A/c dr 6440

to Sales Revenue 6440

COGS A/c dr 4160

to Inventory 4160

3rd May Purchase A/c dr 6780

to Bank a/c 6780

14th May Salary a/c dr 865

to Bank 865

16th May Customer a/c dr 1665

to Sales Revenue 1665

COGS A/c dr 585

to Inventory 585

22nd May Bank A/c dr 8830

to Customer(Mangini) 8830

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