The following information was collected from Transcom Enterprises in the year 2010. Use it to answer...

Transcribed Image Text:

The following information was collected from Transcom Enterprises in the year 2010. Use it to answer the questions that follow. July 2014 1 "1 " " "2 " " " 3 5 8212433 20 Credit purchases from: K Hill Sh.38,000; M Norman Sh.50,000; N Senior Sh.10,600. Credit sales to: E Rigby Sh.51,000; E Phillips Sh.24,600; F Thompson Credit purchases from: R Morton Sh.20,000; J Cook Sh.18,000; Sh.41,000; C Davies Sh.66,000 Credit sales to: A Green Sh.30,700; H George Sh.25,000; J Ferguson Returns outwards to: M Norman Sh.3,000; N Senior Sh.1,600. Returns inwards from: E Phillips Sh.1,800; F Thompson Sh.2,200. Credit sales to: E Phillips Sh.18,800; F Powell Sh.31,000;E Lee Credit purchases from: Ferguson Sh.55,000; K Ennevor Sh.90,000. Returns inwards from: E Phillips Sh.2,700; E. Rigby Sh.3,000. Returns outwards to: J Cook Sh.1,300; C Davies Sh.1,100. Required: (i) Prepare the sales (SJ) and purchases (PJ) journals (6 Marks) (ii) Prepare the Purchases Returns journal and sales Returns journal (PRJ and SRJ) (iii) Post these entries into their respective ledgers (4 Marks) (5 Marks) The following information was collected from Transcom Enterprises in the year 2010. Use it to answer the questions that follow. July 2014 1 "1 " " "2 " " " 3 5 8212433 20 Credit purchases from: K Hill Sh.38,000; M Norman Sh.50,000; N Senior Sh.10,600. Credit sales to: E Rigby Sh.51,000; E Phillips Sh.24,600; F Thompson Credit purchases from: R Morton Sh.20,000; J Cook Sh.18,000; Sh.41,000; C Davies Sh.66,000 Credit sales to: A Green Sh.30,700; H George Sh.25,000; J Ferguson Returns outwards to: M Norman Sh.3,000; N Senior Sh.1,600. Returns inwards from: E Phillips Sh.1,800; F Thompson Sh.2,200. Credit sales to: E Phillips Sh.18,800; F Powell Sh.31,000;E Lee Credit purchases from: Ferguson Sh.55,000; K Ennevor Sh.90,000. Returns inwards from: E Phillips Sh.2,700; E. Rigby Sh.3,000. Returns outwards to: J Cook Sh.1,300; C Davies Sh.1,100. Required: (i) Prepare the sales (SJ) and purchases (PJ) journals (6 Marks) (ii) Prepare the Purchases Returns journal and sales Returns journal (PRJ and SRJ) (iii) Post these entries into their respective ledgers (4 Marks) (5 Marks)

Answer rating: 100% (QA)

i Sales SJ Journal Date Account Debtor Sales Ksh Jul 1 E Rigby 51000 Jul 1 E Phillips 24600 Jul 1 F ... View the full answer