Question
he Nova Scotia Beekeepers Supply Company, which uses the perpetual inventory system and makes all credit sales on terms 2/10, n/30, completed the following transactions
he Nova Scotia Beekeepers Supply Company, which uses the perpetual inventory system and makes all credit sales on terms 2/10, n/30, completed the following transactions during July. The business records all sales returns and all purchase returns in the general journal.
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Use the following abbreviations to indicate the journal in which you would record each of the July transactions. Key each transaction by date. Also indicate whether the transaction would be recorded in the accounts receivable subsidiary ledger or the accounts payable subsidiary ledger.
G = General journal | P = Purchase journal |
S = Sales journal | CP = Cash payments journal |
CR = Cash receipts journal |
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