Ch 7. Homework – Group A (graded) instructions | help

Exercise 7-1 Sales journal-perpetual L.O. P1 Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of March.

Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703. 5 Purchased $2,900 of merchandise on credit from Marsh Corp. 7 Sold merchandise costing $810 to J. Dryer for $1,175, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank.

12 Sold merchandise costing $203 to R. Land for $325, terms n/30, invoice no. 5705. 16 Received $1,163 cash from J. Dryer to pay for the purchase of March 7. 19 Sold used store equipment for $900 cash to Malone, Inc. 25 Sold merchandise costing $350 to T. Burton for $550, terms n/30, invoice no. 5706.

Journalize the March transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. (Record the transactions in the given order. Omit the “$” sign in your response.)

SALES JOURNAL

Date Account Debited Invoice Number

Accounts Receivable Dr.

Sales Cr.

Cost of Goods Sold Dr.

Inventory Cr. Mar. 7 J. Dryer 5704

Mar. 12 R. Land 5705

Mar. 25 T. Burton 5706

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2. value:1.00 points

Ch 7. Homework – Group A (graded) instructions | help

Exercise 7-4 Cash receipts journal-perpetual L.O. P1 Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November.

Nov. 3 The company purchased $4,900 of merchandise on credit from Hargrave Co., terms n/20. 7 The company sold merchandise costing $1,293 on credit to J. York for $1,421, subject to an $28sales discount if paid by the end of the month. 9 The company borrowed $2,550 cash by signing a note payable to the bank.

13 J. Emling, the owner, contributed $3,850 cash to the company. 18 The company sold merchandise costing $206 to B. Box for $367 cash. 22 The company paid Hargrave Co. $4,900 cash for the merchandise purchased on November 3. 27 The company received $1,393 cash from J. York in payment of the November 7 purchase. 30 The company paid salaries of $2,450 in cash.

Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. (Record the transactions in the given order. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)

CASH RECEIPTS JOURNAL

Date Account Credited Cash Dr. Sales

Discount Dr. Accounts

Receivable. Cr. Sales Cr. Other

Accounts Cr.

Cost of Goods Sold Dr.

Inventory Cr. Nov. 9 Notes payable

Nov. 13 J. Emling, Capital

Nov. 18 Sales

Nov. 27 J. York

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3. value:1.00 points

Ch 7. Homework – Group A (graded) instructions | help

Exercise 7-8 Cash disbursements journal-perpetual L.O. P1 Pebblebrook Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April. April 3 Purchased merchandise for $2,000 on credit from Scott, Inc., terms 3/10, n/30.

9 Issued check no. 210 to Kidman Corp. to buy store supplies for $320. 12 Sold merchandise costing $370 on credit to C. Meyers for $622, terms n/30. 17 Issued check no. 211 for $1,500 to pay off a note payable to City Bank. 20 Purchased merchandise for $2,600 on credit from LeBron, terms 3/10, n/30. 28 Issued check no. 212 to LeBron to pay the amount due for the purchase of April 20, less the

discount. 29 Paid salary of $950 to B. Decker by issuing check no. 213. 30 Issued check no. 214 to Scott, Inc., to pay the amount due for the purchase of April 3.

Journalize the April transactions that should be recorded in the cash disbursements journal assuming the perpetual inventory system is used. (Record the transactions in the given order. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)

CASH DISBURSEMENTS JOURNAL

Date Ck. No Payee Account Debited Cash Cr. Inventory Cr. Other

Accounts Dr. Accounts

Payable Dr.

Apr. 9 210 Kidman Corp. Store supplies

Apr. 17 211 City Bank Notes payable

Apr. 28 212 LeBron LeBron

Apr. 29 213 B. Decker Salaries expense

Apr. 30 214 Scott, Inc. Scott, Inc.

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Exercise 7-1 Sales journal-perpetual L.O. P1 Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal
Total:
$8.99