Janish Supplies completed the transactions listed below during April 2014. All sales are on terms 2/10, n/30.
April 2 Sold merchandise to Tim Bennett for $35,000 on credit; invoice #306 (cost $22,750).
3 Cash sales for the day totaled $15,000; invoices # 307 to # 310 (cost $9,750).
4 Purchased $48,000 of merchandise from Wallace Brothers; terms 1 /10, n/30.
5 Sold merchandise to Brian Kennedy for $42,000 on credit; invoice #311 (cost $27,300).
6 Returned $4,200 of defective merchandise purchased on April 4.
9 Purchased $230 of office supplies; cheque # 620.
11 Purchased $56,000 of merchandise from McKinley & Sons; terms n/30.
12 Received payment from Tim Bennett regarding the sale of April 2.
13 Paid for the merchandise purchased on April 4; cheque # 621.
16 Sold merchandise to Wynne Walsh for $14,000 on credit; invoice #312 (cost $9,100).
19 Issued a credit memo regarding a $3,000 allowance granted to Wynne Walsh to cover defective merchandise sold on April 16.
20 Received payment from Brian Kennedy for the sale of April 5.
23 Purchased $3,800 of equipment from Zardon Company; terms 1/15, n/30.
24 Sold merchandise to Brian Kennedy for $18,000 on credit; invoice #313 (cost $11,700).
26 Paid for the purchase of April 11; cheque # 622
27 Received payment from Wynne Walsh regarding the sale of April 16.
30 Paid April salaries; $36,000; cheque # 623, For simplicity, we assume one cheque.
Required
1. Prepare a Sales Journal, Cash Receipts Journal, Purchases Journal, Cash Disbursements Journal, and General Journal like the ones illustrated in this chapter.
2. Journalize the April transactions into the appropriate journal (do not post to the sub ledgers or the General Ledger).