Jayne Cobb Company has the following selected transactions during March.
Mar. 2 Purchased equipment costing $9,400 from Adam Company on account.
5 Received credit of $410 from Baldwin Company for merchandise damaged in shipment to Jayne Cobb.
7 Issued credit of $400 to Cockrum Company for merchandise the customer returned. The returned merchandise had a cost of $260.
Jayne Cobb Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal.
Instructions
(a) Journalize the transactions in the general journal.
(b) In a brief memo to the president of Jayne Cobb Company, explain the postings to the control and subsidiary accounts from each type of journal.