a. Journalize, record, and post the following transactions as needed to the sales, purchases, cash receipts,...

 

 

 

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a. Journalize, record, and post the following transactions as needed to the sales, purchases, cash receipts, cash payments, and general journals. All terms are 2/10, n/30 on both sales and purchases. b. Prepare a schedule of accounts receivable and accounts payable. Q Q 2022 2 Walter Lantz invested $8,000 in the business. CRJ July PJ 3 SJ 4 SJ Purchased $2,000 merchandise from Patel & Sons, their invoice No. 756. Sold merchandise on account to Panda Co., invoice No. 1-$300. Cost of merchandise was $225. 5 Sold merchandise on account to Buzzard Co., invoice No. 2-$600. Cost of merchandise was $225. CR 6 Cash sale $400. Cost of merchandise was $300. GJ 8 Issued credit memorandum No. 1 to Panda Co. for defective merchandise-$100. No inventory was returned. CRJ 9 Purchased $1,150 merchandise from Black Brothers, their invoice No. 2014. 10 Returned $400 defective merchandise to Patel & Sons. No inventory was returned. 11 Received cheque from Panda Co. for invoice No. 1 less returns and discount. Subsidis and discount. Q Q 12 Paid amount owing to Black Brothers, cheque 101. CRJ 16 Cash sale-$500. Cost of merchandise was $375. 19 Sold merchandise on account to Panda Co.-$550, invoice SJ No. 3. Cost of merchandise was $412.50. 22 Purchased $1,800 merchandise from Black Brothers, their invoice No. 2092. 24 Purchased $1,700 store display equipment from Adkins & Co., their invoice No. 1762. 26 Paid amount due to Adkins & Co., cheque 102. 29 Wrote cheque 103 for $250 to City News for ad. 31 Cheque 104 to Fern Supplies for cash purchase. Invoice No. 2178 $640.00. a. Journalize, record, and post the following transactions as needed to the sales, purchases, cash receipts, cash payments, and general journals. All terms are 2/10, n/30 on both sales and purchases. b. Prepare a schedule of accounts receivable and accounts payable. Q Q 2022 2 Walter Lantz invested $8,000 in the business. CRJ July PJ 3 SJ 4 SJ Purchased $2,000 merchandise from Patel & Sons, their invoice No. 756. Sold merchandise on account to Panda Co., invoice No. 1-$300. Cost of merchandise was $225. 5 Sold merchandise on account to Buzzard Co., invoice No. 2-$600. Cost of merchandise was $225. CR 6 Cash sale $400. Cost of merchandise was $300. GJ 8 Issued credit memorandum No. 1 to Panda Co. for defective merchandise-$100. No inventory was returned. CRJ 9 Purchased $1,150 merchandise from Black Brothers, their invoice No. 2014. 10 Returned $400 defective merchandise to Patel & Sons. No inventory was returned. 11 Received cheque from Panda Co. for invoice No. 1 less returns and discount. Subsidis and discount. Q Q 12 Paid amount owing to Black Brothers, cheque 101. CRJ 16 Cash sale-$500. Cost of merchandise was $375. 19 Sold merchandise on account to Panda Co.-$550, invoice SJ No. 3. Cost of merchandise was $412.50. 22 Purchased $1,800 merchandise from Black Brothers, their invoice No. 2092. 24 Purchased $1,700 store display equipment from Adkins & Co., their invoice No. 1762. 26 Paid amount due to Adkins & Co., cheque 102. 29 Wrote cheque 103 for $250 to City News for ad. 31 Cheque 104 to Fern Supplies for cash purchase. Invoice No. 2178 $640.00.

Answer rating: 100% (QA)

July 2022 July 2 Walter Lantz invested 8000 in the business Journal Entry Debit Cash 8000 Credit Capital or Walter Lantz Capital 8000 Solution This transaction increases the cash balance by 8000 and a... View the full answer