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Enter the transactions in a sales journal (page 2), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 7),
Enter the transactions in a sales journal (page 2), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 7), a cash payments journal (page 6), and a general journal (page 4), as appropriate. Total each column of the special journals. Show that total debits equal total credits in each special journal. For purposes of this problem, we will ignore posting references.
Jan 1 Purchased 13 T-shirts at $6 each and paid cash. 2 Sold 7 T-shirts for $14 each, total cost of $42. Received cash. 3 Purchased 120 T-shirts on account at $9 each. Terms 5/10, n/30. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. 8 Realized 6 T-shirts from the January 1 order were printed wrong and returned them for a cash refund 10 Sold 30 T-shirts on account for $14 each, total cost of $270. Terms 2/15, n/45 12 Received payment for the T-shirts sold on account on January 10, less discount. 14 Purchased 130 T-shirts on account at $6 each. Terms 5/15, n/30. 18 Golden Lake Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $120 purchase allowance 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount 21 Sold 100 T-shirts on account for $14 each, total cost of $807. Terms 1/20, n/30 23 Received a payment on account for the T-shirts sold on January 21, less discount 25 Purchased 300 T-shirts on account at $9 each. Terms 5/10, n/30, FOB C shipping point. 27 Paid freight associated with the January 25 purchase, $30. 29 Paid for the January 25 purchase, less discount 30 Sold 210 T-shirts on account for $14 each, total cost of $1,355. Terms 4/10, n/30 31 Received payment for the T-shirts sold on January 30, less discountStep by Step Solution
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