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Exercise 7-8 (Algo) Identifying journal of entry LO P1, P2, P3, P4 Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Journal Date Transaction April 3 Sold merchandise costing $1,100 to J. Reddick for $1,350 cash. April 9 The company paid Smith Company $6,770 cash for the merchandise purchased on April 9. April 12 Sold merchandise costing $4,230 to Rodgers Company for $7. 120 cash, invoice Number 4309. April 17 Sold merchandise costing $2,010 to A. Curry for $2,750 on credit, terms n/45, invoice Number 8871. April 20 Paid salary of $2,780 to R Allen by issuing Check Number 239. April 28 Purchased merchandise for $8,040 on credit from Reggie terms 2/10. n/30. April 29 The company purchased $3,200 of merchandise on credit from Hart Company, terms n/20. April 30 Sold merchandise costing $832 to L. Ersan for $1.340 on credit terms n/30, invoice Number 6721. Cash payments journal Cash receipts journal Purchases journal Sales Journal Exercise 7-8 (Algo) Identifying journal of entry LO P1, P2, P3, P4 Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Journal Date Transaction April 3 Sold merchandise costing $1,100 to J. Reddick for $1,350 cash. April 9 The company paid Smith Company $6,770 cash for the merchandise purchased on April 9. April 12 Sold merchandise costing $4,230 to Rodgers Company for $7,120 cash, invoice Number 4309. April 17 Sold merchandise costing $2,010 to A. Curry for $2,750 on credit, terms n/45, invoice Number 8871. April 20 Paid salary of $2,780 to R. Allen by issuing Check Number 239. April 28 Purchased merchandise for $8,040 on credit from Reggie, terms 2/10, n/30. April 29 The company purchased $3,200 of merchandise on credit from Hart Company, terms n/20. April 30 Sold merchandise costing $832 to L. Ersan for $1,340 on credit, terms n/30, invoice Number 6721. At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $15.946. Sales Journal PR Date May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Invoice Number 19e 191 192 193 Accounts Receivable Debit Sales Credit 4.66e 3720 1,655 662 10, 697 Page 2 cost of Goods sold Debit Inventory Credit 3,542 3,869 923 1923 Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry Date May 20 General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer Debit 375 Credit 315 Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customers account. 2. Post the sales journal and any portion of the general journal entry that affects accounts 3a. Prepare a schedule of accounts receivable. 3b. Prove (confirm) that its total equals the balance in the accounts receivable controlling account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Debit Credit Balance Date Sara Reed Debit Credit Date Balance Aaron Reckers Date Debit Credit Balance