The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for $3,200 to Fisher Company, a creditor, on account. 2 Issued Check 3852 for $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Purchases Discounts Credit Amount Cash Credit

The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for $3,200 to Fisher Company, a creditor, on account. 2 Issued Check 3852 for $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Purchases Discounts Credit Amount Cash Credit

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Description: The following transactions took place at Nickle's Sports Gear during the first week of October 20X1.DATE TRANSACTIONSOct. 1 Issued Check 3850 for $3,600 to pay the monthly rent.1 Issued Check 3851 for2 Issued Check 3852 for$3,200 to Fisher Company,

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1CP: Screpcap Co. had the following transactions during the first week of June: June 1Purchased...

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Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journal
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