You are required to prepare the Purchases, Sales, Return Inwards and Return Outwards Journals for J....
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You are required to prepare the Purchases, Sales, Return Inwards and Return Outwards Journals for J. Smith & Co. Ltd. using the following transactions for the month of October 2021. (15pts for each journal) 2021 Oct 1 - Purchased goods on credit from: L. Garbutt $550 inv # 200; L. Carillo $750 inv # 201; T. Roberts $650 inv # 202 Oct 3 - Goods sold on credit to: C. Wright $1,500 inv # 100; M. Wade $800 inv # 101; S.Ramclam $2000 inv # 102. They were each given a 10 % trade discount. Oct 5 - Credit purchases from: L. Carillo $200 inv # 203; T. Roberts $180 inv # 204; S. Coleman $480 inv # 205. We were given a 15% trade discount from L. Carillo and S. Coleman. Oct 7- Credit Sales to: P. Phillips $310 inv # 103; L. Adams $240 inv # 104; K. Cain $500 inv # 105 Oct 12 - We returned goods to: T. Roberts $50 note #5 and L. Carillo $150 note # 6 that were damaged and previously bought on credit on Oct 5. Oct 15 - The following returned goods to us that were the wrong order: C. Wright $100 note # 10; M. Wade $150 note # 11 Oct 20 – Bought goods on credit from: K. Hutchinson $410 inv # 206; D. Gladden $260 inv#207 Oct 23 – Sold goods on credit to P. Phillips $300 inv # 106; L. Adams $800 inv # 107 Oct 31 – We issued credit notes to L. Adams $130 note # 12 and K. Cain $100 note # 13 for goods previously bought on credit on Oct 7 Oct 31 - We returned goods to: K. Hutchinson $220 note # 7 and D. Gladden $50 note # 8 Note the following page and folio numbers for their respective Journals: Journals Page # Folio # General Ledger # Purchases Journal 10 Start from # 1 20 Sales Journal 11 Start from # 1 21 Return Inwards Journal 12 22 Return Outwards 13 23 Journal You are required to prepare the Purchases, Sales, Return Inwards and Return Outwards Journals for J. Smith & Co. Ltd. using the following transactions for the month of October 2021. (15pts for each journal) 2021 Oct 1 - Purchased goods on credit from: L. Garbutt $550 inv # 200; L. Carillo $750 inv # 201; T. Roberts $650 inv # 202 Oct 3 - Goods sold on credit to: C. Wright $1,500 inv # 100; M. Wade $800 inv # 101; S.Ramclam $2000 inv # 102. They were each given a 10 % trade discount. Oct 5 - Credit purchases from: L. Carillo $200 inv # 203; T. Roberts $180 inv # 204; S. Coleman $480 inv # 205. We were given a 15% trade discount from L. Carillo and S. Coleman. Oct 7- Credit Sales to: P. Phillips $310 inv # 103; L. Adams $240 inv # 104; K. Cain $500 inv # 105 Oct 12 - We returned goods to: T. Roberts $50 note #5 and L. Carillo $150 note # 6 that were damaged and previously bought on credit on Oct 5. Oct 15 - The following returned goods to us that were the wrong order: C. Wright $100 note # 10; M. Wade $150 note # 11 Oct 20 – Bought goods on credit from: K. Hutchinson $410 inv # 206; D. Gladden $260 inv#207 Oct 23 – Sold goods on credit to P. Phillips $300 inv # 106; L. Adams $800 inv # 107 Oct 31 – We issued credit notes to L. Adams $130 note # 12 and K. Cain $100 note # 13 for goods previously bought on credit on Oct 7 Oct 31 - We returned goods to: K. Hutchinson $220 note # 7 and D. Gladden $50 note # 8 Note the following page and folio numbers for their respective Journals: Journals Page # Folio # General Ledger # Purchases Journal 10 Start from # 1 20 Sales Journal 11 Start from # 1 21 Return Inwards Journal 12 22 Return Outwards 13 23 Journal
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Purchase Journal Date Details Invoice No Page Folio General Ledger Trade Discount Oct 1 L Garbutt 20... View the full answer
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