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Screpcap Co. had the following transactions during the first week of June: June 1 Purchased merchandise on account from Acme Supply, $2,700, plus freight charges
Screpcap Co. had the following transactions during the first week of June:
June | 1 | Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160. |
1 | Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, $720, less 1% discount. | |
1 | Sold merchandise on account to F. Colby, $246, plus 5% state sales tax plus 2% city sales tax. | |
2 | Received cash on account from N. Dunlop, $315. | |
2 | Made cash sale of $413 plus 5% state sales tax plus 2% city sales tax. | |
2 | Purchased merchandise on account from Permon Co., $3,200, plus freight charges of $190. | |
3 | Sold merchandise on account to F. Ayres, $211, plus 5% state sales tax plus 2% city sales tax. | |
3 | Issued Check No. 220 to Ellis Co. for merchandise purchased on account, $847, less 1% discount. | |
3 | Received cash on account from F. Graves, $463. | |
4 | Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, $950, less 1% discount. | |
4 | Sold merchandise on account to K. Stanga, $318, plus 5% state sales tax plus 2% city sales tax. | |
4 | Purchased merchandise on account from Mason Milling, $1,630, plus freight charges of $90. | |
4 | Received cash on account from O. Alston, $381. | |
5 | Made cash sale of $319 plus 5% state sales tax plus 2% city sales tax. | |
5 | Issued Check No. 222 to Acme Supply for merchandise purchased on account, $980, less 1% discount.
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1. Record the transactions in a general journal.
2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, select the best design for the following special journals for Screpcap:
a. Sales journal
b. Cash receipts journal
c. Purchases journal
d. Cash payments journal
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