Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Xion Supply uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred
Xion Supply 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 March 2020: Mar. 3 Purchased merchandise for $5,500 on credit from Pace Inc., terms 2/10, 1/30. 9 Tassed cheque +210 to Narlin Corp. to buy store supplies for $900. 12 Sold merchandise on credit to K. Camp for $1,340, terma n/30. Coat, $800. 17 Issued cheque #211 for $3,000 to repay a note payable to City Bank. 20 Purchased merchandise for $7,000 on credit from LeBaron, tezme 2/10, n/30. 29 Issued cheque +212 to LeBaron to pay the amount due for the purchase of March 20, less the discount 31 Paid salary of $3,100 to E. Brandon by issuing cheque +213. 31 Issued cheque #214 to Pace Inc., to pay the amount due for the purchase of March 3. Required: Journalize the March transactions that should be recorded in the Cash Disbursements Journal assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) XION SUPPLY Cash Disbursements Journal Purchase Discount Credit Cash Credit Other Accts. Debit Accts. Payable Debit Account Debited Date Ch. No Payee Totals
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