Exercise 7-6 Hoban Company uses special journals and a general journal. The following transactions occurred during September 2012 Sept. 2 Sold merchandise on account to H. wash, invoice no. 101, 725, terms n/30. The cost of the merchandise sold was $375 10 Purchased merchandise on account from A. Tudyk $649, terms 2/10, n/30 12 Purchased office equipment on account from R. Press $6,924 21 Sold merchandise on account to G. Edmonson, invoice no. 102 for 801, terms 2/10, n/30. The cost of the merchandise sold was $430 25 Purchased merchandise on account from D. Boyd $832, terms n/30 27 Sold merchandise to S. Miller for $667 cash. The cost of the merchandise sold was $441 (a) Prepare a sales journal and a single-column purchases journal (b) Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal HOBAN COMPANY Sales Journal 51 Accounts Receivable Dr. Ref Sales Revenue Cr. Cost o s Sold Dr Account Debited Invoice Date No. Inventory Cr. 2012 HOBAN COMPANY Purchases Journal P1 Account Inventory Dr Accounts Payable Cr Ref Date Terms Credited 2012 Exercise 7-7 Inara Serra Co. uses special journals and a general journal. The following transactions occurred during May 2012 I. Serra invested $51,477 cash in the business. Sold merchandise to Morena Co. for 55,895 cash. The cost of the merchandise sold was 3,987 May 1 3 Purchased merchandise for $7,018 from J. Deleon using check no. 101. 14 Paid salary to H. Potter $624 by issuing check no. 102. 16 Sold merchandise on account to K. Kimbell for $990, terms n/30. The cost of the merchandise sold was $630. 22 A check of $8,880 is received from M. Baccarin in full for invoice 101; no discount given. (a) Prepare a multiple-column cash receipts journal and a multiple-column cash payments journal (b) Record the transaction(s) for May that should be journalized in the cash reccipts journal and cash payments journal. INARA SERRA CO. Cash Receipts Journal CR1 Cost of Goods Sold Dr Account Credited Ref Date Cash Dr Sales Discounts Dr Sales Revenue Cr Other Accounts Cr INARA SERRA CO. Cash Payments Journal CP1 Ck. No. Account Dcbited Ref Other Accounts Dr Accounts Payable Dr Cash Cr Date