ABC Co. uses a sales Journal, purchases Journal, cash receipts Journal, cash payments Journal, and general Journal. Journalize the following transactions that should be recorded in the cash receipts journal. Nov. 3 The company purchased $2,282 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $581 to ]. Than for $638 on credit, subject to a $13 sales discount if paid by the end of the month. 9 The company borrowed $3,225 cash by signing a note payable to the bank. 13 ). Ali, the owner, contributed $4,525 cash to the company. 18 The company sold merchandise costing $92 to B. Cox for $164 cash. 22 The company paid Hart Co. $2,200 cash for the merchandise purchased on November 3. 27 The company received $625 cash from ). Than in payment of the November 7 purchase. 30 The company paid salaries of $1,18in cash. CASH RECEIPTS JOURNAL Sales Accounts Discount Dr. Receivable Cr. Account Credited Date Other Cash Dr. Sales Cr. Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. ABC Company uses a sales Joumal, purchases joumal, cash receipts Journal, cash payments Journal, and general Journal. Joumalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice no. 5783. 5 Purchased $2,858 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $810 to 3. Dryer for $1,175, terms 2/18, n/3e, invoice no. 57e4. 8 Borrowed $8,888 cash by Signing a note payable to the bank. 12 Sold merchandise costing $200 to R. Lamb for $325, terms n/30, invoice no. 5705. 16 Received $1,152 cash from ). Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $980 cash to Golf, Inc. 25 Sold merchandise costing $350 to T. Taylor for $550, terms n/38, invoice no. 5786. SALES JOURNAL Accounts Account Debited Invoice Number Receivable Dr. Sales Cr. Date Cost of Goods Sold Dr. Inventory Cr. Required information ABC starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units $18.ee cost 38 units @ $15.ee cost 25 units $18.ee cost Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased # of Date Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold #of units Inventory Balance Cost per Inventory unit Balance December 7 S 0.00 December 14 S 0.00 $ 0.00 December 15 $ $ 0.00 0.00 December 21 S 0.00 Totals
