Journal entry transactions- double entry system 1) Machinery is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and Installations invoice is 28.000 TL + %10 VAT half cash paid and half note issued.

Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5   Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,100, terms 2/10, n/30. Payment is made within the discount period. 12   Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,300, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $200. Payment is made within the discount period after deduction for the return dated September 8. 19   Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,700, terms n/30. 27   Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,800, terms 2/10, n/30. Payment is made within the discount period.

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Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. July 29. July 29.