1 answer

Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursementjournal, and a general journal

Question:

Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:
Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marsh Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 210, n30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Land for $320, terms n30, invoice no. 5705.
16 Received $1,127 cash from J. Dryer to pay for the purchase of March 7.
19 Sold used store equipment for $900 cash to Malone, Inc.
25 Sold merchandise costing $350 to T. Burton for $550, terms n30, invoice no. 5706.
Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the March transactions that
should be recorded in this sales journal.


Answers

SALES JOURNAL

Date

Account Debited

InvoiceNumber

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

T.

Burton

5706

550

350

.

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