Joy Corporation has been using a voucher system for several years and records invoices at gross. Prepare
Question:
Joy Corporation has been using a voucher system for several years and records invoices at gross. Prepare entries in the voucher register and check register for the following transactions:
201X
Sept. 1 Purchased merchandise inventory from Rollin Corporation for $5,600; terms 5/10, n/30; voucher no. 68 was prepared.
5 Purchased merchandise inventory from Raine Corporation for $7,600; terms 5/10, n/30; voucher no. 69 was prepared.
8 Issued check no. 75 to pay for voucher no. 69.
10 Issued check no. 76 to pay for voucher no. 68.
14 Purchased merchandise inventory from Lacy Corporation for $8,600; terms 5/10, n/30; voucher no. 70 was prepared.
17 Returned $3,000 of merchandise to Lacy Corporation due to poor workmanship; voucher no. 71 was prepared to replace voucher no. 70.
20 Issued check no. 77 to pay for voucher no. 71.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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