Buzz Newsstands purchases and cash payment transactions for the month of March are described below. Instructions In
Question:
Buzz Newsstand’s purchases and cash payment transactions for the month of March are described below.
Instructions
In your working papers:
1. Record the transactions in the general journal, page 7.
2. Post the transactions to the ledger accounts.
Transcribed Image Text:
Date Transactions Mar. 1 Purchased $5,600 in merchandise on account from ADC Publishing, Invoice 785, terms 3/15, n/45. 3 Issued Check 1400 for $735 to Pine Forest Publications in payment of Invoice PFP98 for $750 less a 2% cash discount of $15. 5 Issued Check 1401 for $275 to Rizzo's Trucking Company for transportation charges. 7 Issued Check 1402 for $588 to Delta Press in payment of Invoice DP166 for $600 less a 2% cash discount of $12. American Trend Publishers granted a $100 allowance for damaged merchandise, Debit Memorandum 33. 9 11 Issued Check 1403 for $3,200 to Keystone Insurance Company for the annual premium for business insurance. 15 Issued Check 1404 for $5,432 to ADC Publishing in payment of Invoice 785 for $5,600 less a 3% cash discount of $168. Bought $2,800 in merchandise on account from Delta Press, Invoice DP204, terms 2/10, n/30. 18 22 Issued Debit Memorandum 34 to Delta Press for the return of $300 in merchandise. 28 Paid American Trend Publishers the balance due on their account, $800, no discount, Check 1405. 30 Bought $120 in merchandise for cash from ADC Publishing, Check 1406.
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1 General Journal Date Account Debit Credit Mar 1 Merchandise 5600 Accounts Payable 5600 Mar 3 Accou...View the full answer
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