Question: Refer to QS and for each of the May transactions

Refer to QS and for each of the May transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter.
In QS Peachtree 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 May.
May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms ny30.
8 Sold merchandise costing $900 on credit to G. Seles for $1,500 subject to a $30 sales discount if paid by the end of the month.
14 Purchased $240 of store supplies from Chang Company on credit, terms ny30.
17 Purchased $260 of office supplies on credit from Monder Company, terms ny30.
24 Sold merchandise costing $400 to D. Air for $650 cash.
28 Purchased store supplies from Porter’s for $90 cash.
29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1.


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  • CreatedApril 23, 2015
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