Lesson 7 - Homework - ACC111 Lesson 7 Question#1 Review the...

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ACC111 – Lesson 7Question #1Review the following transactions:Requirements1.Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to a whole dollar.) Assume the company uses the perpetual inventory system.2.Total each column of the sales journal.Requirements 1 & 2. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to a whole dollar.) Assume the company uses the perpetual inventory system. Total each column of the sales journal. (If a box is not used in the journal leave the box empty; do not select information and do not enter a zero. Abbreviation used: Inv. = Invoice.)Sales JournalPage 1CustomerPost.AccountsReceivableDRCost of GoodsSold DRDateInv. No.AccountDebitedRef.Sales RevenueCRMerchandiseInventory CRFeb.1401Cool Co.1,27584020402Dabble Co.500425Feb.28 Totals1,7751,265Question #2
Requirements1.Prepare headings for a cash receipts journal. Journalize the transactions that should be recorded in the cash receipts journal.

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