Finish purchases journal,cash disbursements journal,cash receipts journal MAY 1 Issued check for office rent for the current month. (Debit rent expense) CHECK #: 1062 AMOUNT: $4,700 2 Issued check to pay salaries. Part of this amount had been accrue

  

Finish purchases journal,cash disbursements journal,cash receipts journal 

MAY

1 Issued check for office rent for the current month. (Debit rent expense) CHECK #: 1062 AMOUNT: $4,700

2 Issued check to pay salaries. Part of this amount had been accrued last month. The company does not use reversing entries.

CHECK #: 1063 AMOUNT: $1,550

AMOUNT ACCRUED AS SALARY PAYABLE LAST MONTH: $475

2 Issued invoice for sale on account; terms 2/10, n/30.

INVOICE #: 225 SALES AMOUNT: $6,500

COST OF MERCHANDISE SOLD: $4,200 CUSTOMER: HUANG CO.

3 Purchased inventory on credit; terms 1/15, n/60.

VENDOR: HOWELL INC. AMOUNT: $2,300

4 Received net amount of cash on account from customer within discount period.

CUSTOMER: SCHILLING CO. AMOUNT: $5,292

4 Sold inventory for cash. AMOUNT: $7,200

COST OF MERCHANDISE SOLD: $4,700

5 Issued credit memo for sales allowance granted to customer by G.R. Garcia CO. No merchandise was returned.

Cr Memo #: 173 AMOUNT: $250

CUSTOMER: LEUNG, INC.

Issued check to purchase supplies for cash.

CHECK #: 1064 AMOUNT: $1,375

6 Collected interest revenue. AMOUNT: $880

7 Issued invoice for sale on account; terms 2/10, n/30.

INVOICE #: 226 AMOUNT: $8,700

COST OF MERCHANDISE SOLD: $5,700 CUSTOMER: MCGUIRE, CORP.

8

11 Issued check to pay vendor part of the amount owed last month. 

CHECK #: 1065 AMOUNT: $7,200

VENDOR: ALCALA, LTD.

Issued check to pay vendor the net amount owed from the 3rd of the month.

CHECK #: 1066

VENDOR: HOWELL INC.

12 from

Received net amount of cash on account customer in full

settlement of the account receivable from the 2nd of the month. CUSTOMER: HUANG CO.

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16 Issued check to pay salaries.

CHECK #: 1067 

19 Purchased inventory for cash.

CHECK #: 1068 AMOUNT: $1,460

22 Purchased furniture on credit; terms 3/15, n/60.

VENDOR: CHUANG CO. AMOUNT: $1,540

23 Issued invoice for sale on account; terms 2/10, n/30.

INVOICE #: 227 AMOUNT: $16,200

COST OF MERCHANDISE SOLD: $10,500 CUSTOMER: SCHILLING CO. 

24 Received part of the amount due on account from customer, regarding the prior month accounts receivable.

CUSTOMER: MCGUIRE, CORP.  AMOUNT: $4,000

25 Issued check to pay utilities.

CHECK #: 1069 AMOUNT: $1,325

26 Purchased supplies on credit; no terms available

VENDOR: ALCALA, LTD. AMOUNT: $730 

30 Returned damaged inventory from cash purchase on the 19th of the month, receiving cash. AMOUNT: $1,460 

30 Issued credit memo for sales allowance granted to customer by 

G.R. Garcia CO. No merchandise was returned.

Cr Memo #: 174 AMOUNT: $150

CUSTOMER: MCGUIRE, CORP.

31 Purchased inventory on credit; terms 1/10, n/30.

VENDOR: KENNEY CO. AMOUNT: $9,780

31 Issued check to pay owner for personal withdrawal.

CHECK #: 1070 AMOUNT: $4,700

THE BALANCES IN THE SUBSIDIARY LEDGERS LAST MONTH WERE:

ACCOUNTS RECEIVABLE

HUANG CO. $0

SCHILLING CO. 5,292

LEUNG, INC. 13,720

MCGUIRE, CORP.  8,250 

$27,262

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