2022

CRJ July 11 Received cheque from Panda Co. for invoice no. 1 less returns and discounts

12 paid amount owing to Black Brothers , cheque 101

CRJ 16 Cash sale - $500. Cost of merchandise was $375

SJ 19 Sold merchandise on account to Panda Co. $550, invoice No.3 Cost of merchandise was $412.50

22 Purchased $1800 merchandize from Black brothers, their invoice no. 2092

24 Purchased $1700 store isplay equipment from Adkins &Co, their invoice no 1762

26 Paid amount due to Adkins &co. , cheque 102

29 Wrote cheque 103 for $250 to City News for ad.

31 Cheque 104 to Fern Supplies for cash purchase. Invoice No. 2178- $640

• Journalize, record, and post the following transactions as needed to the:
  • sales, purchases,
  • cash receipts,
  • cash payments, and
  • general journals.
  • All terms are 2/10, n/30 on both sales and purchases.

Question 2:

• Prepare a schedule of accounts receivable and accounts payable.