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In: Accounting

please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL Week 1 Date Transaction...

please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL

Week 1
Date Transaction description
1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021.
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201.
3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
3 Paid the full amount owing to Restlay, Cheque No. 903. Payment fell within discount period.
4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904. Payment fell within discount period.
4 Made cash sales of $5,896 during the first 4 days of the month.
4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.
5

Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.

Solutions

Expert Solution

Date Transaction description Special Journal
1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021 CASH RECEIPTS JOURNAL
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. SALES JOURNAL
3
Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
PURCHASES JOURNAL
3
Paid the full amount owing to Restlay, Cheque No. 903. Payment fell within discount period.
CASH PAYMENTS JOURNAL
4
Paid the full amount owing to Gillard Wholesalers, Cheque No. 904. Payment fell within discount period.
CASH PAYMENTS JOURNAL
4 Made cash sales of $5,896 during the first 4 days of the month CASH RECEIPTS JOURNAL
4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905 CASH PAYMENTS JOURNAL
5 Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30. PURCHASES JOURNAL

ekkarill92 answered 2 years ago
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