Posted by charmaine on Tuesday, March 23, 2010 at 12:58am.
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:
1) Mar 2 Sold merchandise costing $300 to B Fager for $450 cash, invoice no 5703.
2) 5 Purchased $2,300 of merchandise on credit from Marsh Corp.
3) 7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no 5704
4) 8 Borrowed $8,000 cash by signing a note payable to the bank.
5) 12 Sold merchandise costing $200 to R. Land for $320, terms n_30, invoice no 5705
6) 16 Received $1,127 cash from J Dryer to pay for the purchase of March 7
7) 19 Sold used store equipment for $900 cash to Malone, Inc
8) 25 Sold merchandise costing $350 to T. Burton for $550, terms n_30, invoice no 5706
Prepare headings for a sales journal like the one in Exhibit 7-5 Journalize the March transactions that should be recorded in this sales journal.
I can't show what 7-5 exhibit shows, but that is what I am trying to use to help me with this but I still do not understand what exactly to do. It does not really have any steps listed, the way the sales journal is it doesn't make sense, here is what the set up for it is:
Date
Acct Debited
Invoice Num
Accts Rec Dr Sales Cr
Cost of Goods Sold Dr Inven Cr
These are the columns it gives and that is what is making it confussing. Can someone please guide me
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