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Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.
May | 1 | Purchased $13,100 of merchandise on credit from Krause, Inc., terms n/30. | ||
8 | Sold merchandise costing $1,020 on credit to G. Seles for $2,100 subject to a $36 sales discount if paid by the end of the month. | |||
14 | Purchased $300 of store supplies from Chang Company on credit, terms n/30. | |||
17 | Purchased $320 of office supplies on credit from Monder Company, terms n/30. | |||
24 | Sold merchandise costing $460 to D. Air for $830 cash. | |||
28 | Purchased store supplies from Porters for $102 cash. | |||
29 | Paid Krause, Inc., $13,100 cash for the merchandise purchased on May 1. |
Journalize the May transactions that should be recorded in the purchases journal assuming the perpetual inventory system is used.
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