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WEEK 7 ACC ANSWERS - PURCHASES JOURNAL Date Account Date of...

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Quick Study questions 7-1 & 7-3 on p. 289 and Exercises 7-1, 7-4, 7-7, & 7-10 on pp. 290–291. Quick Study 7-1 1. D 4. C 2. A 5. E 3. B Quick Study 7-3 1. B. 7. E. 2. D. 8. A. 3. A. 9. C. 4. B. 10. E. 5. B. 11. B. 6. D. 12. E. Exercise 7-1 (15 minutes) SALES JOURNAL Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Mar. 7 J. Dryer ........................... 5704 1,150 800 12 R. Land ........................... 5705 320 200 25 5706 550 350 Exercise 7-4 (20 minutes) CASH RECEIPTS JOURNAL Date Account Credited Explanation P R Cash Dr. Sales Discount Dr. Accounts Recble. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Nov. 9 Notes Payable ..... Note to bank 2,750 2,750 13 J. Emling, Capital .............. Contribution 4,000 4,000 18 Sales .................. Cash sale 230 230 130 27 J. York .............. Invoice, 11/7 882 18 900
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Exercise 7-7 (20 minutes) PURCHASES JOURNAL
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Unformatted text preview: PURCHASES JOURNAL Date Account Date of Invoice Term s PR Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. June 1 Vick, Inc. ........... 6/01 n/30 8,100 8,100 14 Store Supplies/ Poe Co. ........... 6/14 n/30 240 240 17 Rehmer Company. ......... 6/17 n/30 260 260 Exercise 7-10 (25 minutes) CASH DISBURSEMENTS JOURNAL Date Ck. No. Payee Account Debited PR Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Apr. 9 210 Kidman Corp. ........... Store Supplies. ..... 450 450 17 211 City Bank. .... Notes Payable. ..... 1,500 1,500 29 212 LeBron. ....... LeBron. ............. 3,430 70 3,500 30 213 B. Decker. ..... Salaries Expense. . 1,700 1,700 31 214 Scott, Inc. ...... Scott, Inc. ............ 2,750 2,750...
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