Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred

StickUps 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 September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. Sept. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. Sept. 9 Borrowed $5,500 by giving a note to the bank. Sept. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business Sept. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. Sept. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. Sept. 27 Received $1,764 from J. Namal in payment of the september 7 purchases Sept. 30 Paid salaries of $3200 Journalise the september transaction that should be recorded in the cash receipt journal. assuming the periodic inventory system

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Marshall RomneyPaul Steinbart

11th Edition

136015182, 978-0136015185

More Books

Students also viewed these Accounting questions