Question

Screpcap Co. had the following transactions during the first week of June:

June	1	Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160.
	1	Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, $720, less 1% discount.
	1	Sold merchandise on account to F. Colby, $246, plus 5% state sales tax plus 2% city sales tax.
	2	Received cash on account from N. Dunlop, $315.
	2	Made cash sale of $413 plus 5% state sales tax plus 2% city sales tax.
	2	Purchased merchandise on account from Permon Co., $3,200, plus freight charges of $190.
	3	Sold merchandise on account to F. Ayres, $211, plus 5% state sales tax plus 2% city sales tax.
	3	Issued Check No. 220 to Ellis Co. for merchandise purchased on account, $847, less 1% discount.
	3	Received cash on account from F. Graves, $463.
	4	Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, $950, less 1% discount.
	4	Sold merchandise on account to K. Stanga, $318, plus 5% state sales tax plus 2% city sales tax.
	4	Purchased merchandise on account from Mason Milling, $1,630, plus freight charges of $90.
	4	Received cash on account from O. Alston, $381.
	5	Made cash sale of $319 plus 5% state sales tax plus 2% city sales tax.
	5	Issued Check No. 222 to Acme Supply for merchandise purchased on account, $980, less 1% discount.

1. Record the transactions in a general journal.

2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, select the best design for the following special journals for Screpcap:

a. Sales journal

b. Cash receipts journal

c. Purchases journal

d. Cash payments journal

Answer 1

Solution:

Requirement #1

Requirement #2 (a)

Requirement #2 (b)

Requirement #2 (c)

Requirement #2 (d)