R. Santiago Co. uses special journals and a general journal. The following trans
ID: 2756623 • Letter: R
Question
R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.
A check of $9,460 is received from M. Mangini in full for invoice 101; no discount given.
Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)
R. SANTIAGO CO.
Cash Receipts Journal
CR1
Date
Account
Credited
Ref
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Revenue
Cr.
Other
Accounts
Cr.
Cost of Goods Sold
Dr.
Inventory Cr.
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May 1 R. Santiago invested $47,499 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,603 cash. The cost of the merchandise sold was $4,400. 3 Purchased merchandise for $6,999 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $631 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $990, terms n/30. The cost of the merchandise sold was $566. 22A check of $9,460 is received from M. Mangini in full for invoice 101; no discount given.
Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)
R. SANTIAGO CO.
Cash Receipts Journal
CR1
Date
Account
Credited
Ref
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Revenue
Cr.
Other
Accounts
Cr.
Cost of Goods Sold
Dr.
Inventory Cr.
M. ManginiOwner’s Cap.
May 1May 2May 3May 14May 16May 22M. ManginiOwner’s Cap.
May 1May 2May 3May 14May 16May 22M. ManginiOwner’s Cap.
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Explanation / Answer
Date
Account Credited
Ref
Cash Dr.
Sales Discounts Dr.
Accounts Receivable Cr.
Sales Revenue Cr.
Other Accounts Cr.
Cost of Goods Sold Dr.
Inventory Cr.
May-01
Owner’s Cap.
$47,499.00
$47,499.00
May-02
Lawrie Co.
$6,603.00
$6,603.00
$4,400.00
May-22
M. Mangini
$9,460.00
$9,460.00
Date
Account Credited
Ref
Cash Dr.
Sales Discounts Dr.
Accounts Receivable Cr.
Sales Revenue Cr.
Other Accounts Cr.
Cost of Goods Sold Dr.
Inventory Cr.
May-01
Owner’s Cap.
$47,499.00
$47,499.00
May-02
Lawrie Co.
$6,603.00
$6,603.00
$4,400.00
May-22
M. Mangini
$9,460.00
$9,460.00
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