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chapter 7 - Chapter 7 Exercise 7-1(15 minutes SALES JOURNAL...

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Chapter 7 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 1,250 800 12 R. Lamb .................... 5705 340 200 25 5706 750 500 Exercise 7-4 (20 minutes) CASH RECEIPTS JOURNAL Date Account Credited Explanation PR 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 3,750 3,750 13 J. Ali, Capital... Contribution 5,000 5,000 18 Sales ............... Cash sale 330 330 250 27 J. Than ........... Invoice, 11/7 980 20 1,000 Exercise 7-7 (20 minutes) PURCHASES JOURNAL Date Account Date of Invoice Terms PR Account s Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr.
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June 1 Lucas, Inc ....... 6/01 n/30 9,100 9,100 14 Store Supplies/ Park Co ........ 6/14 n/30 340 340 17 Ray Company. 6/17 n/30 380 380
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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 Kitt Corp ..... Store Supplies .... 650 650 17 211 City Bank .... Notes Payable .... 1,400 1,400 28 212 Lite ............ Lite .................... 4,410 90 4,500 29 213 B. Dock ...... Sa laries Expense . 1,800 1,800 30 214 Seth, Inc ...... Seth, Inc ............. 2,950 2,950 Exercise 7-14 (30 minutes) Part 1 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Sara Reed Aaron Reckers May 17 1,850 May 20 350 May 10 2,940 May 6 3,880 25 1,340 Part 2 GENERAL LEDGER Accounts Receivable Sales Sales Returns and Allowances May 31 10,010 May 20 350 May 31 10,010 May 20 350
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Inventory Cost of Goods Sold May 31 8,000 May31 8,000 Part 3 MOUNTAIN VIEW Schedule of Accounts Receivable May 31 Anna Page ..................................... $ 1,500
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