The following are the transactions during the month of March at Karns Wholesale Supply: March1 D....
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The following are the transactions during the month of March at Karns Wholesale Supply: March1 D. A. Karns makes an investment of $22,000 in the business. 6 Cash sales of merchandise total $3,500 (cost, $2,100). 9 Received a check for $13,720 from Abbot Sisters in payment of invoice No. 101 for $14,000 less a 2% discount. 11 Cash sales of merchandise total $5,400 (cost, $3,240). Received a check for $14,700 from Babson Co. in payment of invoice No. 102 for $15,000 less a 2% discount. 16 20 Received cash by signing a note for $7,000. 22 Received a check for $8,730 from Carson Bros. in full for invoice No. 103 for $9,000 less a 2% discount. 28 Received a check for $11,760 from Deli Co. in full for invoice No. 104 for $12,000 less a 2% discount. Required 1- Prepare the cash receipts journal? 2- Prepare General Ledger? The following are the transactions during the month of March at Karns Wholesale Supply: March1 D. A. Karns makes an investment of $22,000 in the business. 6 Cash sales of merchandise total $3,500 (cost, $2,100). 9 Received a check for $13,720 from Abbot Sisters in payment of invoice No. 101 for $14,000 less a 2% discount. 11 Cash sales of merchandise total $5,400 (cost, $3,240). Received a check for $14,700 from Babson Co. in payment of invoice No. 102 for $15,000 less a 2% discount. 16 20 Received cash by signing a note for $7,000. 22 Received a check for $8,730 from Carson Bros. in full for invoice No. 103 for $9,000 less a 2% discount. 28 Received a check for $11,760 from Deli Co. in full for invoice No. 104 for $12,000 less a 2% discount. Required 1- Prepare the cash receipts journal? 2- Prepare General Ledger?
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Cash Receipts Journal Date Account Debited Invoice No Cash Dr Sales Discounts Dr Accounts Receivable ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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