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R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014. May 1 R. Santiago invested $40,000 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

May 1 R. Santiago invested $40,000 cash in the business.

2 Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.

3 Purchased merchandise for $7,700 from J. Moskos using check no. 101.

14 Paid salary to H. Rivera $700 by issuing check no. 102.

16 Sold merchandise on account to K. Stanton for $900, terms n/30. The cost of the merchandise sold was $630.

22 A check of $9,000 is received from M. Mangini in full for invoice 101; no discount given.


Instructions

(a) Prepare a multiple-column cash receipts journal (see Illustration 7-9) and a multiple-column cash payments journal (see Illustration 7-16). (Use page 1 for each journal.)

(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.


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Date Date 2014 May 1Owner s Cap 40 000 6 300 9 000 …View the full answer


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Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Details
Chapter # 7
Section: Exercises
Problem: 7
Posted Date: January 30, 2014 01:46:38
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