Jul. 2

Sold merchandise inventory on credit, terms n/30, to Intelysis, Inc., $1,900 (cost, $400).

Jul. 3

Sold office supplies to an employee at cost, $75, receiving cash.

Jul. 7

Cash sales for the week totaled $2,000 (cost, $1,600).

Jul. 9

Sold merchandise inventory on account, terms n/30, to A. C. Malloy, $7,400 (cost, $5,100).

Jul. 10

Sold land that cost $9,000 for cash of the same amount.

Jul. 11

Sold merchandise inventory on account, terms n/30, to Spark Electric, $5,700 (cost, $3,400).

Jul. 12

Received cash from Intelysis in full settlement of its account receivable from July 2.

Jul. 14

Cash sales for the week were $2,500 (cost, $1,500).

Jul. 15

Sold merchandise inventory on credit, terms n/30, to the partnership of Will & Bill, $3,700 (cost, $2,500).

Jul. 20

Sold merchandise inventory on account, terms n/30, to Spark Electric, $600 (cost, $220).

Jul. 21

Cash sales for the week were $990 (cost, $650).

Jul. 22

Received $4,700 cash from A. C. Malloy in partial settlement of his account receivable.

Jul. 25

Received cash from Will & Bill for its account receivable from July 15.

Jul. 25

Sold merchandise inventory on account, terms n/30, to Ogarth, Co., $1,540 (cost, $970).

Jul. 27

Collected $5,200 on a note receivable. There was no interest earned.

Jul. 28

Cash sales for the week totaled $3,720 (cost, $2,470).

Jul. 29

Sold merchandise inventory on account, terms n/30, to R. A. Banks, $210 (cost, $110).

Jul. 31

Received $2,000 cash on account from A. C. Malloy.

Requirement 1, 2, and 3. 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). Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits. Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals.

Begin with the sales journal. Enter the transactions and total the journal. (Assume all postings are made to the applicable ledgers. If a box is not used in the journal leave the box empty; do not select information and do not enter a zero.)

Sales Journal							Page 1
		Invoice	Customer	Post.	Accounts Receivable DR	Cost of Goods Sold DR
Date		No.	Account Debited	Ref.	Sales Revenue CR	Merchandise Inventory CR
Jul.
Jul.	31		Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Sales journal		=

Record the appropriate transactions in the cash receipts journal. (If a box is not used in the journal leave the box empty; do not select information and do not enter a zero. Select "X" if the column total is not posted. Abbreviations used: Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory)

Cash Receipts Journal									Page 1
			Post.		Accounts	Sales	Other	Cost of Goods Sold DR
Date		Account Credited	Ref.	Cash DR	Rec. CR	Rev. CR	Accts CR	Merchandise Inv. CR
Jul.
Jul.	31	Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Cash receipts journal		=

Data table 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 Print Done