Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Record the following transactions for the month of April 201 in the cash payments journal. Total, prove, and rule the cash payments journal as of
Record the following transactions for the month of April 201 in the cash payments journal. Total, prove, and rule the cash payments journal as of April 30. April 1 Issued Check 102 for $1,550 to pay the monthly rent. 4 Issued Check 103 for $275 to establish a petty cash fund. 5 Issued Check 104 for $1,100 to remit sales tax to the state tax commission. 8 Issued Check 105 for $729 to the Fortune Company, a creditor, in payment of Invoice 784 of March 29 (\$750) less a cash discount ( $21 ). Issued Check 106 for $300 to make a cash purchase of supplies. Issued Check 107 for $170 to pay the monthly telephone bill. Issued Check 108 for $1,083 to the Craft Corporation in payment of a \$1,050 promissory note and interest of $33. 22 Issued Check 109 for $331 to the Ewing Corporation, a creditor, in payment of Invoice 513 of March 20 (\$350) less a cash discount ($19). Issued Check 110 for $3,500 to Martin Sachs, the owner, as a withdrawal for personal use. Issued Check 111 for $135 to replenish the petty cash fund. An analysis of payments from the fund showed the following totals: Supplies, \$40; Delivery Expense, \$60; Miscellaneous Expense, \$35. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ CASH PAYMENTS JOURNAL } \\ \hline \multirow[b]{2}{*}{ Date } & \multirow[b]{2}{*}{ CK. No. } & \multirow[b]{2}{*}{ Description } & \multirow{2}{*}{\begin{tabular}{c} Accounts \\ Payable \\ Debit \end{tabular}} & \multicolumn{2}{|c|}{ Other Accounts Debit } & \multirow{2}{*}{\begin{tabular}{c} Purchases \\ Discount \\ Credit \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{l} Cash \\ Credit \end{tabular}} \\ \hline & & & & Account Name & Amount & & \\ \hline \multicolumn{8}{|l|}{ April 1, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 4, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 5, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 8, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 12, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 15,20X1} \\ \hline \multicolumn{8}{|l|}{ April 20, 20X1 } \\ \hline & & & & & & & \\ \hline \multicolumn{8}{|l|}{ April 22, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 25, 20X1 } \\ \hline \multicolumn{8}{|l|}{ April 30, 20X1 } \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline April 30, 20X1 & & Totals & & & & & \\ \hline \end{tabular}
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