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please answer fast Question 11 (10 points) Saved Tall Trees Company uses a perpetual inventory system and four special journals. Purchases, Sales, Cash Receipts, and
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Question 11 (10 points) Saved Tall Trees 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. 1 Purchased merchandise from Pine Co. for $2,000, terms 2/10, 1/30 Aug. 4 Sold merchandise on credit to Timber Co. for $2,800, terms 2/10,n/30, Invoice No. 245. Cost of merchandise was $1,500 Aug 5 Sold merchandise on credit to Ash Corp. for $4,600, terms 2/10, 1/30, Invoice No. 246. Cost of merchandise was $2,000 Aug. 7 Paid salaries accrued on July 31, $1,100 to manager Lumber Jack, Cheque No. 756. Aug. 9 Returned merchandise costing $1,200 to Pine Co. from Aug 1 purchase. Aug. 11 Paid Pine Co. for the Aug. 1 purchase, Cheque No. 758 Aug. 11 Accepted merchandise returned by Timber Co. from Aug. 4 sale issued credit memorandum for $400 Aug 16 Received payment from Timber Co. for Aug 4 sale, less the return Aug 19 Received payment in full from Ash Corp. for the Aug. 5 sale. Aug. 28 Recorded cash sales for the month, $8,500. Cost of merchandise was $3,800. Aug. 29 Paid monthly phone bill $650, 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 providedStep by Step Solution
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