Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 (Marks 16) Sky Waller Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, a General Journal

image text in transcribed

image text in transcribed

Question 2 (Marks 16) Sky Waller Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, a General Journal and a perpetual inventory system. The following transactions were completed by Princess Company during the month of July: 3-Jul Sold merchandise for $10,500 (cost 8,200) to the Whistler Corp. on credit, Invoice No. 125. 6-Jul Sold a truck for $23,000 cash. The truck was originally purchased for $52,600. 11-Jul Purchased supplies for $920 cash. 15-Jul Issued a credit memo for $2,550 to Whistler Corp. for returned merchandise. 21-Jul Returned $1,330 of merchandise purchased from Fernie Corp. for credit. 24-Jul Paid monthly salaries of $25,400. 31-Jul Recorded depreciation on buildings of $4,000. Required: (a) Record the transactions that would go into the General Journal. For these transactions create journals entries with date and description. (b) For the transactions that do not get recorded in the General Journal, indicate the name of the correct Special Journal that would be used. IE. Choose from: Cash Disbursements Journal, Cash Receipts Journal, or Sales Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CIA Part 3 Business Knowledge For Internal Auditing 2021

Authors: MUHAMMAD ZAIN

1st Edition

B09B23JKZ8, 979-8739475527

More Books

Students also viewed these Accounting questions