(6.05 Assignment) Special Journals - Purchases and Cash Payments .docx - Santiago 1 Shianne Santiago Keystone Accounting Teachers Accounting Special

(6.05 Assignment) Special Journals - Purchases and Cash Payments .docx

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Santiago 1 Shianne Santiago Keystone Accounting Teachers Accounting May 21, 2020 Special Journals – Purchases and Cash Payments Part 1 (10 points):Prepare a General Journal entry for the following transaction:On December 17, On Your Mark paid $1,500 to Keystone Insurance Company toward the premium for a six-month insurance policy, check No. 1001.General Journal Page No. 1DateDescriptionPost Ref. DebitCreditDec. 17Prepaid Insurance$1,500Cash in Bank$1,500 Check No. 1001 Part 2 (16 points):Record the following transactions in the appropriate journal. Create appropriate dates for all transactions.You are the owner of a store. You purchase items worth $7,800 on account from your main supplier. Most of the purchase is inventory for resale, but also includes office supplies worth $100. Make the following entry in your Purchases Journal:DebitCreditPurchases$7,700Office supplies expense$100Accounts payable$7,800
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  • Spring '13
  • Double-entry bookkeeping system, Purchases Journal

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