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Part 2 Question 6 (10 marks) Tracing Company uses a perpetual inventory system and four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The

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Part 2 Question 6 (10 marks) Tracing Company uses a perpetual inventory system and four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August Aug. 5 Aug. 1 Purchased merchandise from Able Co. for $3,000, terms 2/10,n/30. Aug. 4 Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, 1/30, Invoice No. 245. Cost of merchandise was $1,200 Sold merchandise on credit to Delta Corp. for $5,000, terms 2/10,n/30, Invocie No. 246. Cost of merchandise was $900. Aug. 7 Paid salaries accrued on July 31, $2,100 to manager Ms. Harden, Cheque No. 756. Aug. 9 Returned merchandise costing $200 to Able Co. from Aug. 1 purchase. Aug 11 Paid Able Co for the Aug. 1 purchase. Cheque No. 758. Aug. 11 Accepted merchandise returned by Coe Co from Aug 4 sale, Issued credit memorandum for $500 Aug 16 Received payment from Coe Co. for Aug, 4 sale, less the return Aug 19 Received payment in full from delta Corp. for the Aug. 5 sale. Aug 28 Recorded cash sales for the month $10,000. Cost of merchandise was $4,000. Aug 29 Paid monthly phone bill $450, Cheque No. 762 Required Record the above transactions in the Sales and Cash Receipts journals below. Ignore any transactions that should not be posted to these journals provided ENG Aug. 16 Received payment from Coe Co. for Aug. 4 sale, less the return. Aug. 19 Received payment in full from delta Corp. for the Aug. 5 sale. Aug. 28 Recorded cash sales for the month, $10,000. Cost of merchandise was $4,000. Aug. 29 Paid monthly phone bill $450, Cheque No. 762. Required Record the above transactions in the Sales and Cash Receipts Journals below. Ignore any transactions that should not be posted to these journals provided Account Debited Invoice Number Sales Journal Accts. Rec. Dr. Ref: Sales CC Date COGS DI Invent.cr Cash Receipts Journal Acots Cash Red Sales DR Credit Accounts Date Credited COGS Dr Invent Other Accts Credit Ren

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