Selected accounts from the chart of accounts of Masu Company are shown below 101 Cash 201 Accounts Payable 112 Accounts Receivable 208 Output Tax 120 Inventory 401 Sales Revenue 125 Supplies 416 Sales Returns and Allowances 130 Prepaid Insurance 501 Cost of Goods Sold 137 Input Tax 615 Advertising Expense The cost of all merchandise sold was 60 of sales price During November, Masu Company completed the following transactions VAT of 7 is applicable Nov 2 Purchased merchandise from Anza Company $14,000, term n 60 4 Purchased supplies for $1,300 and issued check, no 126 for the same amount 5 Sold merchandise to Luki Company for $1,800, term n 30, invoice no 311 6 Returned $800 of damaged goods purchased on account from Anza Company on Nov 2 8 Purchased merchandise from Fiza Company S10,000, term n 30 9 Made cash sales of merchandise totaling $3,500 10 Granted allowance to Luki Company for the damaged merchandise $800 12 Paid in full the amount owed to Anza Company, check no 221 13 Paid $2,000 for a one year insurance policy, check no 213 15 Received payment from Luki Company for invoice no 311 16 Sold merchandise to Yard Company for $20,000, term n 30, invoice no 312 20 Purchase merchandise for cash $4,000, check no 222 23 Paid in full the amount owed to Fiza Company, check no 231 27 Received payment from Yard Company for invoice no 312 29 Paid the Advertising bill of $7,000 for the current month, check no 234 30 Sold merchandise to Holt Company S22,000, term n 30, invoice no 313 Instruction Journalize the transactions in the special journals and general journal SALES JOURNAL S1 Date Account Invoice Ref A R Sales Output tax Cost of Goods Sold Debited No Dr revenue Cr Dr Cr Inventory Cr PURCHASE JOURNAL Account Credited Terms Ref PJ1 A P Cr Date Inventory Dr Input tax Dr Date Account Credited Ref CASH RECEIPTS JOURNAL Cash AIR Sales Dr Cr Revenue Cr Output Tax Cr Other Accounts Cr CRJ1 Cost of goods sold Dr Inventory Cr Date Chk No CASH PAYMENTS JOURNAL Account Debited Ref Other A P Accounts Dr Dr Input Tax Dr CPJ 1 Cash Cr GENERAL JOURNAL Account Title Page 1 Credit Date Ref Debit 2

Question

Selected accounts from the chart of accounts of Masu Company are shown below  101 Cash 201 Accounts Payable 112 Accounts Receivable 208 Output Tax 120 Inventory 401 Sales Revenue 125 Supplies 416 Sales Returns and Allowances 130 Prepaid Insurance 501 Cost of Goods Sold 137 Input Tax 615 Advertising Expense The cost of all merchandise sold was 60  of sales price  During November, Masu Company completed the following transactions  VAT of 7  is applicable  Nov 2 Purchased merchandise from Anza Company $14,000, term n 60  4 Purchased supplies for $1,300 and issued check, no  126 for the same amount 5 Sold merchandise to Luki Company for $1,800, term n 30, invoice no  311  6 Returned $800 of damaged goods purchased on account from Anza Company on Nov 2  8 Purchased merchandise from Fiza Company S10,000, term n 30  9 Made cash sales of merchandise totaling $3,500  10 Granted allowance to Luki Company for the damaged merchandise $800  12 Paid in full the amount owed to Anza Company, check no  221  13 Paid $2,000 for a one year insurance policy, check no 213  15 Received payment from Luki Company for invoice no  311  16 Sold merchandise to Yard Company for $20,000, term n 30, invoice no  312  20 Purchase merchandise for cash $4,000, check no  222 23 Paid in full the amount owed to Fiza Company, check no  231  27 Received payment from Yard Company for invoice no 312  29 Paid the Advertising bill of $7,000 for the current month, check no  234  30 Sold merchandise to Holt Company S22,000, term n 30, invoice no  313  Instruction  Journalize the transactions in the special journals and general journal  SALES JOURNAL S1 Date Account Invoice Ref A R Sales Output tax Cost of Goods Sold Debited No  Dr  revenue Cr Dr  Cr Inventory Cr  PURCHASE JOURNAL Account Credited Terms Ref PJ1 A P Cr  Date Inventory Dr  Input tax Dr  Date Account Credited Ref CASH RECEIPTS JOURNAL Cash AIR Sales Dr  Cr  Revenue Cr  Output Tax Cr  Other Accounts Cr  CRJ1 Cost of goods sold Dr  Inventory Cr  Date Chk No  CASH PAYMENTS JOURNAL Account Debited Ref Other A P Accounts Dr  Dr  Input Tax Dr  CPJ 1 Cash Cr  GENERAL JOURNAL Account Title Page 1 Credit Date Ref Debit 2

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Selected accounts from the chart of accounts of Masu Company are shown below: 101 Cash 201 Accounts Payable 112 Accounts Receivable 208 Output Tax 120

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