Ch 7 - Homework i Saved Help Save & Exit Submit Check my work Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $360 to B. Facer for $540 cash, invoice number 5703. May 5 Purchased $2, 300 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $972 to J. Dryer for $1, 409, terms 3/10, n/30, invoice number 5704. 2 May 8 Borrowed $8,000 cash by signing a note payable to the bank. points May 12 Sold merchandise costing $243 to R. Lamb for $389, terms n/30, invoice number 5705. May 16 Received $1, 367 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory ) for $900 cash to Golf, Incorporated. eBook May 25 Sold merchandise costing $410 to T. Taylor for $644, terms n/30, invoice number 5706. Print Journalize the following transactions that should be recorded in the sales journal. References SALES JOURNAL Accounts Cost of Goods Date Account Debited | Invoice Number Receivable Debit Sold Debit Sales Credit Inventory Credit Mc Graw Ch 7 - Homework i Saved Help Save & Exit Submit Check my work 2 Ali Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. 2 November 3 The company purchased $3, 800 of merchandise on credit from Hart Company, terms n/20. points November 7 The company sold merchandise costing $1, 003 to J. Than for $1, 102 on credit, subject to a $22 sales discount if paid by the end of the month. November 9 The company borrowed $2, 925 cash by signing a note payable to the bank. eBook November 13 J. Ali, the owner, contributed $4, 225 cash to the company. November 18 The company sold merchandise costing $160 to B. Cox for $285 cash. Print November 22 The company paid Hart Company $3, 800 cash for the merchandise purchased on November 3. November 27 The company received $1, 080 cash from J. Than in payment of the November 7 purchase. References November 30 The company paid salaries of $1, 900 in cash. CASH RECEIPTS JOURNAL Cost of Goods Sales Cash Accounts Sales Other Sold Debit Date Account Credited Debit Discount Receivable Credit Accounts Inventory Debit Credit Credit Credit Mc Graw Ch 7 - Homework i Saved Help Save & Exit Submit Check my work 3 Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. 2 July 1 Purchased $15, 500 of merchandise on credit from Hector Company, terms n/15. points July 4 Sold merchandise costing $420 to C. Paul for $530 cash. July 8 Purchased $460 of office supplies from Zhang Company on credit, terms n/30. July 15 Paid Hector $15, 500 cash for the merchandise purchased on July 1. eBook July 21 Purchased $915 of store supplies on credit from Staples, terms n/30. July 22 Sold merchandise costing $2, 100 to MicroTran for $2, 600 on credit, terms n/30. Print July 23 Purchased office supplies from Depot for $315 cash. July 25 Purchased $3, 400 of merchandise on credit from Alfredo Company, terms n/30. References July 27 Paid employee salaries of $1, 750 in cash. PURCHASES JOURNAL Date of Office Supplies Other Accounts Date Accounts Payable Account Invoice Terms Credit Inventory Debit Debit Debit Mc Graw Ch 7 - Homework i Saved Help Save & Exit Submit Check my work Wilcox Electronics uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each transaction should be recorded. 2 Transaction Journal points a. Purchased inventory for cash b. Purchased merchandise on credit eBook c. Sold merchandise for cash Print d. Received cash in payment of customer's account References e. The owner contributed cash to the business f. Borrowed cash from the bank g. Sold merchandise on credit h. Sold a building (nonmerchandise) on credit Mc Graw Ch 7 - Homework i Saved Help Save & Exit Submit Check my work 5 Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. 2 June 5 Purchased $4, 400 of merchandise on credit from Roman Corporation points June 9 Sold merchandise costing $1, 470 to R. Allen for $2, 450, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $780 to J. Meyer for $1, 300 cash, Invoice Number 2081. June 19 Received $2, 450 cash from R. Allen to pay for the June 9 purchase. eBook June 27 Sold merchandise costing $980 to B. Kraft for $1, 400, terms n/10, Invoice Number 2082. Print SALES JOURNAL References Accounts Date Account Debited Invoice Number Receivable Debit Cost of Goods Sold Debit Sales Credit Inventory Credit Mc Graw