R. Blossom Co. uses special journals and a general journal. The following transactions occurred during May...
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R. Blossom Co. uses special journals and a general journal. The following transactions occurred during May 2022. R. Blossom invested $45,000 cash in the business. May 1 2 3 14 16 22 Sold merchandise to Lawrie Co. for $5,800 cash. The cost of the merchandise sold was $3,800. Purchased merchandise for $6,700 from J. Moskos using check no. 101. Paid salary to H. Rivera $500 by issuing check no. 102. Sold merchandise on account to K. Stanton for $800, terms n/30. The cost of the merchandise sold was $550. A check of $8,500 is received from M. Mangini in full for invoice 101; no discount given. Date: 2022 # Account Credited Ref. Cash Dr. R. BLOSSOM CO. Cash Receipts Jour Sales Discounts Dr. 7000 E . BLOSSOM CO. Receipts Journal Accounts Receivable Cr. 11 Sales: Revenue Cr. Other Accounts Cr. CR1 Cost of Goods Sold Dr. Inventory Cr. I [1] R. Blossom Co. uses special journals and a general journal. The following transactions occurred during May 2022. R. Blossom invested $45,000 cash in the business. May 1 2 3 14 16 22 Sold merchandise to Lawrie Co. for $5,800 cash. The cost of the merchandise sold was $3,800. Purchased merchandise for $6,700 from J. Moskos using check no. 101. Paid salary to H. Rivera $500 by issuing check no. 102. Sold merchandise on account to K. Stanton for $800, terms n/30. The cost of the merchandise sold was $550. A check of $8,500 is received from M. Mangini in full for invoice 101; no discount given. Date: 2022 # Account Credited Ref. Cash Dr. R. BLOSSOM CO. Cash Receipts Jour Sales Discounts Dr. 7000 E . BLOSSOM CO. Receipts Journal Accounts Receivable Cr. 11 Sales: Revenue Cr. Other Accounts Cr. CR1 Cost of Goods Sold Dr. Inventory Cr. I [1]
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General Journal May 1 Debit Cash 45000 Credit Owners Equity or Capital 45000 May 2 Debit Cash 5800 C... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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