Fraser Antiques completed the transactions listed below during June 2020. All sales are on terms 2/10, n/30.

Required

1. Prepare a general journal, sales journal, purchases journal, cash receipts journal, and cash disbursements journal like the ones illustrated in this chapter.

2. Journalize the June transactions into the appropriate journal. Do not post to the subledgers or general ledger.

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Purchased equipment costing $22,500 from Exeter Equipment; terms n/30. Purchased a collection of antiques for $42,500 from Whitby Co.; terms 1/5, n/15. Sold a group of antiques to Martha Stohart for $51,000 on credit; invoice #347 (cost $25,500). Sold an antique to Carol Larson for $4,100 on credit; invoice #348 (cost $2,850). Received an allowance of $2,400 regarding the June 4 purchase due to damages that occurred during delivery. Purchased office supplies of $900 from Suppliers Unlimited; terms 2/10, n/30. June 11 Paid for the purchase of June 4; cheque #101. 12 Received payment from Carol Larson regarding the sale of June 6. Paid mid-month salaries of $7,500; cheque #102. 14 Sold an antique to Lars Wilson for $3,000 on credit; invoice #349 (cost $2,450). 18 24 Received payment regarding the sale of June 5. Sold a group of antiques to Nathan Blythe for $12,000 on credit; invoice #350 (cost $7,250). Nathan Blythe returned one of the antiques purchased on June 25 for $1,400 because it was not suited to his home (cost $1,100). The item was returned to inventory. 25 26 27 Received payment on the sale of June 18. Paid for the purchase of June 1; cheque #103. Paid month-end salaries of $7,500; cheque #104. 28 29