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Dont know how to journalize transactions, can anybody help me? please Problem 1: Sales and Purchases Transactions RIVAS COMPUTERS AND REPAIRS Company completed these merchandising
Dont know how to journalize transactions, can anybody help me? please
Problem 1: Sales and Purchases Transactions RIVAS COMPUTERS AND REPAIRS Company completed these merchandising transactions in the month of April 20x1. At the beginning of April, the ledger of RIVAS showed Cash of 59 00o and Commor Stock of $9,0 Problem 1: Sales and Purchases Transactions RIVAS COMPUTERS AND REPAIRS Company completed these merchandising t month of April 20x1. At the beginning of April, the ledger of RIVAS showed Cash Stock of $9,0 of ss Apr 2 4 Purchased merchandise on account from Louis Supply Co. $8,700, terms 2/10, n/30. Sold merchandise on account $6,000, terms 2/10, n/30. The cost of the merchandise sold was $3,700 Paid $200 freight on April 4 sale. Received credit from Louis Supply Co. for merchandise returned $400 11 Paid Louis Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $4,700 16 Received refund from supplier for returned merchandise on cash purchase of April 14, $500. 18 Purchased merchandise from Cascade Distributors $5,500, terms 2/10,N30. 20 Paid freight on April 18 purchase $180 23 Sold merchandise for cash $8,300. The cost of the merchandise sold was $5,580 26 Purchased merchandise for cash $2,300 27 Paid Cascade Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $180. The returned merchandise had a cost of $120 30 Sold merchandise on account $3,980, terms n/30. The cost of the merchandise sold was $2,500. RIVAS Company's chart of accounts includes: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, Cost of Goods Sold, and Freight-Out Instructions (a) Journalize the transactions Step by Step Solution
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