Security Office Company completed the following selected transactions with terms on account of 2/10, n/30. 2012...

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Security Office Company completed the following selected transactions with terms on account of 2/10, n/30. 2012 Oct. 4 Sold merchandise on account to R. Macoy, P600, invoice no. 3219. Sold merchandise on account to C. Dante, P840, invoice no, 3220. Issued a credit memorandum to C. Dante for merchandise returned, P40. Received payment in full less discount from R. Macoy. Cash sales for the first half month, P9,346. 8 11 14 15 19 21 Sold merchandise on account to T. Somera, P350,invoice no. 3221. Sold merchandise on account to C.Dante, P159, invoice no. 3222. Sold merchandise on account to R. Macoy, P496, invoice no. 3223. 24 Received payment in full, less discount, from T. Somera. 23 Direction: Enter the above transactions in a general journal and post to the general ledger. b) Enter the above transactions in a sales journal with one money column only and in a cash receipts journal. Use the general journal, if necessary. Post to the general ledger. 4) Which system of recording is time saving: a or b? Which system of posting is time saving: a or b? Security Office Company completed the following selected transactions with terms on account of 2/10, n/30. 2012 Oct. 4 Sold merchandise on account to R. Macoy, P600, invoice no. 3219. Sold merchandise on account to C. Dante, P840, invoice no, 3220. Issued a credit memorandum to C. Dante for merchandise returned, P40. Received payment in full less discount from R. Macoy. Cash sales for the first half month, P9,346. 8 11 14 15 19 21 Sold merchandise on account to T. Somera, P350,invoice no. 3221. Sold merchandise on account to C.Dante, P159, invoice no. 3222. Sold merchandise on account to R. Macoy, P496, invoice no. 3223. 24 Received payment in full, less discount, from T. Somera. 23 Direction: Enter the above transactions in a general journal and post to the general ledger. b) Enter the above transactions in a sales journal with one money column only and in a cash receipts journal. Use the general journal, if necessary. Post to the general ledger. 4) Which system of recording is time saving: a or b? Which system of posting is time saving: a or b?

Answer rating: 100% (QA)

General Journal Date Account Debit Credit Oct 4 Accounts Receivable R Macoy 600 Oct 4 Sales 600 Oct 8 Accounts Receivable C Dante 840 Oct 8 Sales 840 ... View the full answer