Question

Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and...

Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format.?

I would like the answer to be in the table with explanation and numbers.

Answer

Purchase Transactions

      Sale Transactions

Date

Description

PR

Debit

Credit

Date

Description

PR

Debit

Credit
Business   Accounting   
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Answer #1
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Merchandiser
There are three major transactions:
Purchase Transactions Date Description PR Debit $ Credit $
Purchasing Merchandise in cash/ credit 1-Jan-20 Merchandise inventory 1,000.00
Cash/ Accounts Payable 1,000.00
Sale Transactions
Sale of Merchandise in cash/ credit 15-Jan-20 Cash/ Accounts Receivable      500.00
Sales      500.00
Cost of Merchandise sold 15-Jan-20 Cost of merchandise sold      400.00
Merchandise inventory      400.00
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