Duncan Industries completed these transactions during July 2020. The terms of all credit sales July i...

 

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Duncan Industries completed these transactions during July 2020. The terms of all credit sales July i Purchased merchandise on credit from Beech Company, invoice dated June 30, te 3 Issued cheque #300 to The Weekly Journal for advertising expense, $1,075. 5 Sold merchandise on credit to Karen Harden, invoice #918, $35,000. Cost, $19,25 6 Sold merchandise on credit to Paul Kane, invoice #919, $16,000. Cost, $8,800. 7 Purchased store supplies on credit from Blackwater Inc., $2,300. Invoice dated Jul 8 Received a $300 credit memo from Blackwater Inc. for store supplies received on 9 Purchased store equipment on credit from Poppe's Supply, invoice dated July 8, te 10 Issued cheque #301 to Beech Company in payment of its June 30 invoice. 13 Sold merchandise on credit to Kelly Grody, invoice #920, $17,200. Cost, $9,460. 14 Sold merchandise on credit to Karen Harden, invoice #921, $8,200. Cost, $4,500. 15 Received payment from Karen Harden for the July 5 sale. 15 Issued cheque #302, payable to Payroll, in payment of the sales salaries for the firs we assume one cheque. 15 Cash sales for the first half of the month were $242,740. Cost, $133,500. Cash sah register readings. However, they are recorded only once in this problem to reduce the n Required 1. Set up accounts receivable subledger accounts for Kelly Grody, Karen Harden, and Paul K 2. Set up accounts payable subledger accounts for Beech Company, Blackwater Inc., Poppe's 3. Journalize the transactions of Duncan Industries into the appropriate special journal, post 3 for all journals. Duncan Industries completed these transactions during July 2020. The terms of all credit sales July i Purchased merchandise on credit from Beech Company, invoice dated June 30, te 3 Issued cheque #300 to The Weekly Journal for advertising expense, $1,075. 5 Sold merchandise on credit to Karen Harden, invoice #918, $35,000. Cost, $19,25 6 Sold merchandise on credit to Paul Kane, invoice #919, $16,000. Cost, $8,800. 7 Purchased store supplies on credit from Blackwater Inc., $2,300. Invoice dated Jul 8 Received a $300 credit memo from Blackwater Inc. for store supplies received on 9 Purchased store equipment on credit from Poppe's Supply, invoice dated July 8, te 10 Issued cheque #301 to Beech Company in payment of its June 30 invoice. 13 Sold merchandise on credit to Kelly Grody, invoice #920, $17,200. Cost, $9,460. 14 Sold merchandise on credit to Karen Harden, invoice #921, $8,200. Cost, $4,500. 15 Received payment from Karen Harden for the July 5 sale. 15 Issued cheque #302, payable to Payroll, in payment of the sales salaries for the firs we assume one cheque. 15 Cash sales for the first half of the month were $242,740. Cost, $133,500. Cash sah register readings. However, they are recorded only once in this problem to reduce the n Required 1. Set up accounts receivable subledger accounts for Kelly Grody, Karen Harden, and Paul K 2. Set up accounts payable subledger accounts for Beech Company, Blackwater Inc., Poppe's 3. Journalize the transactions of Duncan Industries into the appropriate special journal, post 3 for all journals.

Answer rating: 100% (QA)

Answer Solution 3 Journal Entry Date Account Title Explanation Debit Credit 01Jul Inventory 14500 Ac... View the full answer