Refer to the information contained in question 9.12 below. During February 2016, Driscoll

Company deposited four cheques as follows:

Feb. 5 Peter Driscoll wrote a personal cheque for $10,000 and deposited it in the company bank account. This is a contribution by owner.

12 Deposited a cheque from Parkay Management, paying invoice No. 301, taking discount.

20 Deposited a cheque from Merlet Waste Management, paying invoice No. 303, taking discount.

27 Deposited a cheque from Ferlow Inspections, paying invoice No. 302. No Discount. Enter each deposit into a cash receipts journal, and cross-add the journal at month end

 

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Ex 9.12 Enter each of the following invoices into a multi-column sales journal. Driscoll Company sells two kinds of safety equipment: helmets (H) and safety shoes (S). Terms are all 2% 10 days, net 30. Total all the columns and cross-add the journal. Place appropriate account numbers at the bottom of each column to show where the totals would be posted. No need to record to individual accounts. Driscoll uses 1400 as their Accounts Receivable controlling account in the general ledger, 4100 for Helmet Sales, and 4200 for Safety Shoe Sales. 2016 Feb. 3 Inv. 301 Sold $200 (H) plus $100 (S) to Parkay Management. 7 Inv. 302 Sold $350 (H) plus $250 (S) to Ferlow Inspections. 11 Inv. 303 Sold $150 (H) plus $550 (S) to Merlet Waste Management. 15 Inv. 304 Sold $600 (H) plus $300 (S) to Parkay Management. 19 Inv. 305 Sold $700 (S) to Arkadia Company. (No helmet sales for this invoice.) 24 Inv. 306 Sold $400 (H) plus $150 (S) to Snake Creek & Co. 28 Inv. 307 Sold $500 (H) plus $250 (S) to Merlet Waste Management. Ex 9.12 Enter each of the following invoices into a multi-column sales journal. Driscoll Company sells two kinds of safety equipment: helmets (H) and safety shoes (S). Terms are all 2% 10 days, net 30. Total all the columns and cross-add the journal. Place appropriate account numbers at the bottom of each column to show where the totals would be posted. No need to record to individual accounts. Driscoll uses 1400 as their Accounts Receivable controlling account in the general ledger, 4100 for Helmet Sales, and 4200 for Safety Shoe Sales. 2016 Feb. 3 Inv. 301 Sold $200 (H) plus $100 (S) to Parkay Management. 7 Inv. 302 Sold $350 (H) plus $250 (S) to Ferlow Inspections. 11 Inv. 303 Sold $150 (H) plus $550 (S) to Merlet Waste Management. 15 Inv. 304 Sold $600 (H) plus $300 (S) to Parkay Management. 19 Inv. 305 Sold $700 (S) to Arkadia Company. (No helmet sales for this invoice.) 24 Inv. 306 Sold $400 (H) plus $150 (S) to Snake Creek & Co. 28 Inv. 307 Sold $500 (H) plus $250 (S) to Merlet Waste Management.

Answer rating: 100% (QA)

Inv no Journal Entries 301 Parkey Management Ac Dr 3000... View the full answer