Smiling Sam's Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger? CASH PAYMENTS JOURNAL Page 22 GENERAL POST PURCHASES CK, NO. ACCOUNT ACCOUNTS DATE REF CASH DISCOUNT CREDIT TITLE PAYABLE DEBIT CREDIT DEBIT CREDIT 978.00 Apг. 4 Purchases 438 4001 978.00 Figure 3.03 P

Accounting Q

CASH PAYMENTS JOURNAL Sam Santiago operates a retail variety store. The book include a cash payments journal and an accounts payable ledger. All cash paymen (except petty cash) are entered in the cash payments journal. Selected account balances on May 1 are as follows: General Ledger Cash Accounts Payable Accounts Payable Ledger Fantastic Toys Goya Outlet. Mueller's Distributors Van Kooning $40,000 20,000 $5,200 3,800 3,600 7,400 The following are the transactions related to cash payments for the month of May May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400. 3 Issued Check No. 427 to Mueller's Distributors in payment of merchandise purchased on account, $3,600, less a 3% discount. Check was written for $3,492. 7 Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, $5,500. A cash discount was not allowed. 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was…

When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the store owner records the sale as a/an ______________________. Group of answer choices cash sale. debit to sales and a credit to cash. credit to accounts receivable. a credit sale and debits the customer's accounts receivable account.