• 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.

Question 2:

• Prepare a schedule of accounts receivable and accounts payable.

  CRJ July 2 Walter Lantz invested $8000 inn the business

  PJ 3 Purchased $2000 merchandise from Patel & Sons, their invoice no 756

  SJ 4 Sold merchandise on account to Panda Co., invoice no 1- $300. Cost of merchandise was $225

  SJ 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

  9 Purchased $1150 merchandise from Black Brothers , their invoice no. 2014

  10 Returned $400 defective merchandise to Patel &Sons . No inventory was returned

  CRJ July 11 Received cheque from Panda Co. for invoice no. 1 less returns and discounts

  12 paid amount owing to Black Brothers , cheque 101

  CRJ 16 Cash sale - $500. Cost of merchandise was $375

  SJ 19 Sold merchandise on account to Panda Co. $550, invoice No.3 Cost of merchandise was $412.50

  22 Purchased $1800 merchandize from Black brothers, their invoice no. 2092

  24 Purchased $1700 store isplay 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

• can you pls help and complete the answers in this assignment. thank you