Question

Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30).
Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM.
2 Borrowed $88, 500 cash from Wisconsin Bank by signing a long-term note payable.
4 Purchased $33,500 of merchandise from BLR Industries, invoice dated November 3, terms 2/10, n/30.
5 Purchased $1,040 of store supplies on credit from grebe Company, invoice dated November 5, terms n/10 EOM.
8 Sold merchandise on credit on Cyd Rounder, invoice No. 439, for $6,550 (cost is $3,910).
10 Sold merchandise on credit to Carlos Mantel, Invoice No. 440, for $13,500 (cost is $8,500).
11. Purchased $2,557 of merchandise from Lo company, invoice dated November 10, term 2/10, n/30.
12 Sent BLR Industries CheckNo.633 in payment of its November 3invoive less the discount.
15. Issued check No. 634, payable to payroll, in payment of salaries expense for the first half of the month, $6,585. Cashed the check and paid the employees.
15. Cash sales for the first half of the month are $18,170 (cost is $9,00). (cash sales are recorded daily but are recorded only tice in this problem to reduce repetitive entries.
15. sold merchandise on credit to Tori Tripp, invoice No. 441, for $5,250 (cost is $2,450).
16. Purchased $459 of office supplies on credit from Grebe Company, invoice dated November 16, terms n/10 EOM.
17 Received a $557 credit memorandum from Lo company, for the return of unsatisfactory merchandise purchased on November 11
18 Received payment from Cyd Rounder for the November 8 sale less the discount.
19. Issued Check No 635 to Lo Company in payment of its invoice of November 10, less the return and the discount
22. Sold Merchandise on Credit to Carlos mantel, Invoice No.442, for $3,695 (Cost is $2,060)
24. Sold Merchandise on credit to Tori Tripp, invoice No.443 for $4,280 (cost is $2,130)
25. Received payment from Tori Tripp for the sale of November 15 less the discount.
26. Received a $922 credit memorandum from Brum Supply for the return of office equipment purchased on November 1
30. Issued Check No. 636, payable to payroll, in payment of sales salaries expense for the last half of the month, $6,585. Cashed the check and paid the employees.
30. Cash sales for the last half of the month are $16,703 (cost is $10,200)
Required:
Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal or a General Journal

Answer 1

J.E in the books of Grassley Company:

Date	Account Name	Debit	Credit
1	Equipment	$5,058
	To Brun Supply		5058
2	Bank Accont	$88,500
	To Long Term Note Payable		$88,500
3	Purchases	$33,500
	To BLR Industries		$33,500
4	Store Supplies	$1,040
	To Grebe Comapny		$1,040
5	Cyd Rounder	$6,550
	To Sales		$6,550
6	Carlos Mantel	$13,500
	To Sales		$13,500
7	BLR Industries	$33,500
	To Discount		$670
	To Bank		$32,830
8	Purchases	$2,557
	To Lo company		$2,557
9	Salaries	$6,585
	To Salary Payable		$6,585
10	Salary Payable	$6,585
	To Bank		$6,585
11	Cash	$18,170
	To Sales		$18,170
12	Tori Tripp	$5,250
	To sales		$5,250
13	Office Supplies	$459
	To Grebe Company		$459
14	Lo company	$557
	To purchase return		$557
15	Bank	$6,419
	Discount	$131
	To Cyd Rounder		$6,550
	To Lo company
16	Lo company	$2,000
	To Discount		$40
	To Bank		$1,960
17	Carlos mantel	$3,695
	To Sales		$3,695
18	Bank	$5,145
	Discount	$105
	Tori Tripp		$5,250
19	Brum Supply	$922
	To Equipment		$922
20	Salaries	$6,585
	To Salary Payable		$6,585
21	Salary Payable	$6,585
	To Bank		$6,585
22	Cash	$16,703
	To Sales		$16,703