Question
Record the transactions in either the sales journal or the general journal, as appropriate. 3. Elegant Jewelry, a retail store, sells goods (1) for cash,
Record the transactions in either the sales journal or the general journal, as appropriate.
3. Elegant Jewelry, a retail store, sells goods (1) for cash, (2) on charge accounts, and (3) on bank credit cards. The store uses a sales journal, a purchases journal, a cash receipts journal, a cash payments journal, and a general journal. The store engaged in the following selected transactions:
June 16 Sold goods on account to Morgan, RM 10,547.32.
- Sold goods paid by cheque, RM2,356.75.
- Bought goods on account from Gem Central, RM4,542; and carriage inwards added to the invoice, RM60.
- Received credit memo from Gem Central for goods return, RM529.
- Paid Gem Central, RM4,073.
24 Bought supplies on account from Todd Company, RM459.
29 Paid rent for the month, RM1,980.
30 Paid freight bill to Fast Freight, for goods received from Todd Company, RM110.
30 Issued cheque RM258.36 to customer Sherry, for goods returned, RM258.36.
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