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Spindle Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred
Spindle Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of February 2020:
Feb. | 2 | Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. | |
5 | Purchased merchandise on credit from Camp Corp., $2,300. | ||
7 | Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. | ||
8 | Borrowed $8,000 by giving a note to the bank. | ||
12 | Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. | ||
16 | Received $1,127 from J. Eason to pay for the purchase of February 7. | ||
19 | Sold used store equipment to Whiten Inc. for $900 cash. | ||
25 | Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. |
Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
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