Question
Assume Spangled SpringsSpangled Springs Glass Company uses the perpetual inventory system. The general ledger of Spangled Springs Glass Company includes the following selected accounts, along
Assume Spangled SpringsSpangled Springs Glass Company uses the perpetual inventory system. The general ledger of Spangled Springs Glass Company includes the following selected accounts, along with their account numbers:
Number | Account | Number | Account |
11 | Cash | 18 | Equipment |
12 | Accounts Receivable | 19 | Land |
13 | Notes Receivable | 41 | Sales Revenue |
15 | Merchandise Inventory | 51 | Cost of Goods Sold |
16 | Office Supplies |
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PrintDone
Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column). | |
2. | Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits. |
3. | Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals. (Assume all postings are made to the applicable ledgers.) |
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