Question
The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 Purchased 21 sets of Minor-league Base Balls from Sport
The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 Purchased 21 sets of Minor-league Base Balls from Sport Borders for $43 each, terms net 30. 1 Obtained a loan of $43,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. 2 Sold 20 sets of Minor-league Base Balls to Jump Around for $59 each, Invoice No. 501. 3 Purchased 20 Rugby Balls from Sports 'R Us for $30 each, terms 2/10, n/30. 3 Purchased 21 boxes of Tennis Balls with cash for $26 each, Check No. 603. 4 Paid the full amount owing to Hike, Check No. 604. Payment fell within discount period. 5 Paid the full amount owing to Extreme Sports Supplies, Check No. 605. Payment fell within discount period. 5 Made cash sales of $6,626 during the first 5 days of the month. Record all week 1 transactions in the relevant journals.
SALES JOURNAL
Date | Account | Invoice No. | Post Ref. | Amount | ||
---|---|---|---|---|---|---|
Jun | (select) | |||||
Jun | (select) | |||||
Jun | (select) | |||||
Jun | (select) |
PURCHASES JOURNAL
Date | Account | Terms | Post Ref. | Amount | ||
---|---|---|---|---|---|---|
Jun | (select) | terms...net 30net 72/10 n/30 | ||||
Jun | (select) | terms...net 30net 72/10 n/30 | ||||
Jun | (select) | terms...net 30net 72/10 n/30 | ||||
Jun | (select) | terms...net 30net 72/10 n/30 |
CASH RECEIPTS JOURNAL
Date | Account | Post Ref. | Debit | Credit | |||||
---|---|---|---|---|---|---|---|---|---|
Cash | Sales Discounts | Sales Revenue | Accounts Receivable | Other Accounts | |||||
Jun | (select) | ||||||||
Jun | (select) | ||||||||
Jun | (select) | ||||||||
Jun | (select) | ||||||||
Jun | (select) | ||||||||
Jun | (select) |
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