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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
2 Issued Check 3852 for
$3,200 to Fisher Company, a creditor, on account.
$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
Amount
Purchases
Discounts Credit
Cash Credit
Transcribed Image Text: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 2 Issued Check 3852 for $3,200 to Fisher Company, a creditor, on account. $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 Amount Purchases Discounts Credit Cash Credit
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