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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, terme 2/10, 1/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terns 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, terma n/so, 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.) SPINDLE COMPANY Sales Journal Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. COGS Dr. Merch Inventory Cr. Totals
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