Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need Help Quick! Problem 6-2 Listed below are the transactions of a merchandising firm. May 1 Received payment from Smith Co., $1500 less 1% discount.
Need Help Quick! Problem 6-2 Listed below are the transactions of a merchandising firm. May 1 Received payment from Smith Co., $1500 less 1% discount. Received payment from Howard Co., $500. May 3 Sold merchandise, $700 cash. May 5 Paid the Delco Company for invoiced $250, less $50 return (previously recorded) and 2% discount. Check #1025 May 8 Paid the Grango Co. $900 on outstanding account. Check #1026 May 10 Paid salaries, $2,500. Check #1027 May 12 Sold merchandise, $390 cash. May 14 Received payment from Saltz Co., $200 less 2% discount. May 15 Paid Marcy Co, for invoiced $700 less 1% discount. Check #1028 Required: a) Record the following transactions in the Cash Disbursements Journal(CD),Cash Receipts Journal (CR), and General Journal (GJ). Foot and cross foot the journals. b) Post the transactions to the appropriate ledgers. Problem 6-2 Cash Sales Discount Cash Receipts Journal Accounts Receivable Sales Sundry Cr. Account Names Dr. Check Number Cash Disbursements Journal Post Purchase Account Debited Ref Cash (Cr.) Discount (Cr.) Accounts Payable (Dr.) Sunds. (Dr. General Journal FR Debit Account Title Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started