Question
Special Journals Mikaal Inc., uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal, and General Journal. The following transactions were completed by
Special Journals
Mikaal Inc., uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash
Disbursements Journal, and General Journal.
The following transactions were completed by the Mikaal Inc. during the month of
Mar 2020:
Mar 3 Sold merchandise for $5,500 to the South Corp. on credit, Invoice No. 1122.
Mar 6 Sold a piece of land for $16,400 cash. The land was originally purchased for $12,600.
Mar 11 Purchased supplies for $420 cash.
Mar 15 Issued a credit memo for $550 to West Corp. for returned merchandise. The merchandise cost $100
and was returned to inventory.
Mar 21 Returned $330 of merchandise purchased from Min Corp. for credit on account.
Mar 24 Paid monthly salaries of $5,400.
Mar 31 Recorded depreciation on equipment of $1,200.
Required:
(a) Record the appropriate transactions in the General Journal.
(b) For the transactions not recorded in the General Journal, indicate the correct journal
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