Question
Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in
Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal.
May1Purchased $21,600 of merchandise on credit from Krause, Inc., terms n/30.
8Sold merchandise costing $1,360 to G. Seles for $3,800 on credit subject to a $53 sales discount if paid by the end of the month.
14Purchased $470 of store supplies from Chang Company on credit, terms n/30.
17Purchased $490 of office supplies on credit from Monder Company, terms n/30.
24Sold merchandise costing $630 to D. Air for $1,340 cash.
28Purchased store supplies from Porter's for $136 cash.
29Paid Krause, Inc., $21,600 cash for the merchandise purchased on May 1.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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