Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 to G. Seles for $1,500 on credit subject to a $30 sales discount if paid within 30 days. 14 Purchased $240 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $260 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $400 to D. Air for $650 cash. 28 Purchased store supplies from Porter's for $90 cash. 29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1. Purchases Journal Date count Date of Invoice PR Accounts Payable Cr. Merchandise Inventory Dr. Office Supplies Dr. Page Other Accou Dr.

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 2AP
Topic Video
Question

1

Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a
purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal.
May
1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30.
8 Sold merchandise costing $900 to G. Seles for $1,500 on credit subject to a $30 sales discount if paid within 30 days.
14 Purchased $240 of store supplies from Chang Company on credit, terms n/30.
17 Purchased $260 of office supplies on credit from Monder Company, terms n/30.
24 Sold merchandise costing $400 to D. Air for $650 cash.
28 Purchased store supplies from Porter's for $90 cash.
29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1.
Purchases Journal
Date
Account
Date of
Invoice
Terms
PR
Accounts
Payable Cr.
Merchandise Inventory Dr.
Office Supplies Dr.
Page
Other Accour
Dr.
Transcribed Image Text:Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 to G. Seles for $1,500 on credit subject to a $30 sales discount if paid within 30 days. 14 Purchased $240 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $260 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $400 to D. Air for $650 cash. 28 Purchased store supplies from Porter's for $90 cash. 29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1. Purchases Journal Date Account Date of Invoice Terms PR Accounts Payable Cr. Merchandise Inventory Dr. Office Supplies Dr. Page Other Accour Dr.
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