1 answer

Purchases, sales and general journal. I can do the rest. Probiem: The chart of accounts of...

Question:

Probiem: The chart of accounts of Lopez Company includes the following selected accounts. 112 Accounts Receivable 401 Sales 1

Purchases, sales and general journal. I can do the rest.

Probiem: The chart of accounts of Lopez Company includes the following selected accounts. 112 Accounts Receivable 401 Sales 120 Merchandise Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment Accounts Payable 610 Advertising Expense 201 In July the following selected transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. Purchased merchandise from Fritz Company $8,000. Received freight bill from Wayward Shipping on Fritz purchase $400. Made sales to Pinick Company $1,300 (Invoice 230), and to Wayne Bros. $1,500 (Inv. 231). July. 1 3 Purchased merchandise from Moon Company $3,200. Received credit on merchandise returned to Moon Company $300. Purchased store supplies from Cress Supply $720. Purchased merchandise from Fritz Company $3,600 and from Anton Company $3,300. Made sales to Sager Company $3,450 (Inv. 232) and to Wayne Bros. $1,570 13 15 16 (Inv. 233). Received bill for advertising from Lynda Advertisements $600. Sales were made to Pinick Company $310 (Inv. 234) and to Haddad 18 21 Company $2,800 (Inv. 235). Granted allowance to Pinick Company for merchandise damaged in shipment 22 $40. 24 Purchased merchandise from Moon Company $3,000. 26 Purchased equipment from Cress Supply $900. Received freight bill from Wayward Shipping on Moon purchase of July 24, 28 $380. Sales were made to Sager Company $5,600 (Inv. 236). 30 Instructions: 1 Lopez Company uses special journals. ~The Purchases Journal is used to record all purchases of merchandise and assets on account. ~The Sales Journal is used to record all sales of merchandise on account. ~The General Journal is used to record all other transactions.

Answers

Please find below table useful as The Purchases Journal, Sales Journal and General Journal: -

А MN 1 GENERAL JOURNAL Other Accounts Dr Post Ref. Amount Date Jul. 8 PURCHASE JOURNAL Accounts Post Ref. Payable (Cr.) Inven

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