Prepare headings for a cash disbursements journal like the one in Exhibit 7.11. Journalize the April transactions that should be recorded in the cash disbursements journal. Refer to Exercise 7-6 and for each of the April transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter. A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors Enter A. B, or C indicating when each error should be discovered. When preparing the schedule of accounts payable. When crossfooting the purchases journal. When preparing the trial balance. Made an addition error in totaling the Office Supplies column of the purchases journal. Made an addition error in determining the balance of a creditor's subsidiary account. Posted a purchases return to the Accounts Payable account and to the a editor's subsidiary account but did not post the purchases return to the Inventory account. Correctly recorded an $8,000 purchase in the purchases journal but posted it to the creditor's subsidiary account as an $800 purchase. Posted a purchases return to the Inventory account and to the Accounts Payable account but did not post to the creditor's subsidiary account. Post Pharmacy uses the following journals sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. The following two transactions were processed. On June 5 Post Pharmacy purchased merchandise priced at $14,000, subject to credit terms of 2/10, n/30. On June 14. Post Pharmacy paid the net amount due for the merchandise purchased on June 5. In journalizing the June 14 payment, the pharmacy debited Accounts Payable for $14,000 but failed to record the cash discount on the purchase Cash was properly credited for the actual $13, 720 paid. In what Journals would the June 5 and the June 14 transactions be recorded What procedure is likely to discover the error in journalizing the June 14 transaction? Prepare headings for a cash disbursements journal like the one in Exhibit 7.11. Journalize the April transactions that should be recorded in the cash disbursements journal. Refer to Exercise 7-6 and for each of the April transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter. A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors Enter A. B, or C indicating when each error should be discovered. When preparing the schedule of accounts payable. When crossfooting the purchases journal. When preparing the trial balance. Made an addition error in totaling the Office Supplies column of the purchases journal. Made an addition error in determining the balance of a creditor's subsidiary account. Posted a purchases return to the Accounts Payable account and to the a editor's subsidiary account but did not post the purchases return to the Inventory account. Correctly recorded an $8,000 purchase in the purchases journal but posted it to the creditor's subsidiary account as an $800 purchase. Posted a purchases return to the Inventory account and to the Accounts Payable account but did not post to the creditor's subsidiary account. Post Pharmacy uses the following journals sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. The following two transactions were processed. On June 5 Post Pharmacy purchased merchandise priced at $14,000, subject to credit terms of 2/10, n/30. On June 14. Post Pharmacy paid the net amount due for the merchandise purchased on June 5. In journalizing the June 14 payment, the pharmacy debited Accounts Payable for $14,000 but failed to record the cash discount on the purchase Cash was properly credited for the actual $13, 720 paid. In what Journals would the June 5 and the June 14 transactions be recorded What procedure is likely to discover the error in journalizing the June 14 transaction
