Peachtree Company uses a sales Journal, purchases Journal, cash receipts journal, cash payments Journal, and general...

Transcribed Image Text:

Peachtree 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. May 1 Purchased $20,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,300 to G. Seles for $3,500 on credit subject to a $50 sales discount if paid within 30 days. May 14 Purchased $440 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $460 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $600 to D. Air for $1,250 cash.. May 28 Purchased store supplies from Porter's for $130 cash. May 29 Paid Krause, Incorporated, $20,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit Inventory Debit Office Supplies Debit Other Accounts Debit Peachtree 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. May 1 Purchased $20,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,300 to G. Seles for $3,500 on credit subject to a $50 sales discount if paid within 30 days. May 14 Purchased $440 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $460 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $600 to D. Air for $1,250 cash.. May 28 Purchased store supplies from Porter's for $130 cash. May 29 Paid Krause, Incorporated, $20,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit Inventory Debit Office Supplies Debit Other Accounts Debit

Answer rating: 100% (QA)

Date of Accounts Office Other Date Account Inv... View the full answer