Question

Required:
Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal or a General Journal

Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30).
Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM.
2 Borrowed $88, 500 cash from Wisconsin Bank by signing a long-term note payable.
4 Purchased $33,500 of merchandise from BLR Industries, invoice dated November 3, terms 2/10, n/30.
5 Purchased $1,040 of store supplies on credit from grebe Company, invoice dated November 5, terms n/10 EOM.
8 Sold merchandise on credit on Cyd Rounder, invoice No. 439, for $6,550 (cost is $3,910).
10 Sold merchandise on credit to Carlos Mantel, Invoice No. 440, for $13,500 (cost is $8,500).
11. Purchased $2,557 of merchandise from Lo company, invoice dated November 10, term 2/10, n/30.
12 Sent BLR Industries CheckNo.633 in payment of its November 3invoive less the discount.
15. Issued check No. 634, payable to payroll, in payment of salaries expense for the first half of the month, $6,585. Cashed the check and paid the employees.
15. Cash sales for the first half of the month are $18,170 (cost is $9,00). (cash sales are recorded daily but are recorded only tice in this problem to reduce repetitive entries.
15. sold merchandise on credit to Tori Tripp, invoice No. 441, for $5,250 (cost is $2,450).
16. Purchased $459 of office supplies on credit from Grebe Company, invoice dated November 16, terms n/10 EOM.
17 Received a $557 credit memorandum from Lo company, for the return of unsatisfactory merchandise purchased on November 11
18 Received payment from Cyd Rounder for the November 8 sale less the discount.
19. Issued Check No 635 to Lo Company in payment of its invoice of November 10, less the return and the discount
22. Sold Merchandise on Credit to Carlos mantel, Invoice No.442, for $3,695 (Cost is $2,060)
24. Sold Merchandise on credit to Tori Tripp, invoice No.443 for $4,280 (cost is $2,130)
25. Received payment from Tori Tripp for the sale of November 15 less the discount.
26. Received a $922 credit memorandum from Brum Supply for the return of office equipment purchased on November 1
30. Issued Check No. 636, payable to payroll, in payment of sales salaries expense for the last half of the month, $6,585. Cashed the check and paid the employees.
30. Cash sales for the last half of the month are $16,703 (cost is $10,200)

Answer 1

SALES JOURNAL
Date	ACCOUNT DEBITED	INVOICE NUMBER	PR	ACCOUNTS RECEIVABLE-DR. SALES CR.	COST OF GOODS SOLD-DR. INVENTORY-CR.
NOV 8	Cyd Rounder	439		$6,550	$3,910
NOV 10	Carlos Mantel,	440		$13,500	$8,500
NOV 15	Tori Tripp	441		$5,250	$2,450
NOV 22	Carlos mantel	442		$3,695	$2,060
NOV 24	Tori Tripp	443		$4,280	$2,130

PURCHASES JOURNAL
Date	ACCOUNT	DATE OF INVOICE	TERMS	PR	ACCOUNTS PAYABLE -CR.	PURCHASES DR.	OFFICE SUPPLIES-DR.	OTHER ACCOUNTS-DR.
NOV 4	BLR INDUSTRIES	NOV 3	2/10, n/30.		$33,500	$33,500
NOV 5	Office supplies/Grebe Company	Nov 5	n/10 EOM.		$1,040		$1,040
NOV 11	Lo company	NOV 10	2/10, n/30.		$2,557	$2,557
NOV 16	Office supplies/Grebe Company	NOV 16	n/10 EOM		$459		$459

CASH RECEIPT JOURNAL
Date	ACCOUNT CREDITED	EXPLANATION	PR	CASH-DR.	SALES DISCOUNT-DR.	ACCOUNTS RECEIVABLE-CR.	SALES-CR.	OTHER ACCOUNTS-CR.
NOV 2	LONG TERM NOTES PAYABLE	NOTE TO BANK		$88,500				$88,500
NOV 15	SALES	CASH SALES		$18,170			$18,170
NOV 18	Cyd Rounder	invoice No. 439		$6,419	$131	$6,550
NOV 25	TORRI TRIPP	invoice No. 441,		$5,145	$105	$5,250
NOV 30	SALES	CASH SALES		$16,703			$16,703

CASH DISBURSEMENT JOURNAL
Date	CHQ NO.	PAYEE	ACCOUNT DEBITED	PR	CASH-CR.	PURCHASE DISCOUNT-CR.	OTHER ACCOUNTS-DR.	ACCOUNTS PAYABLE-DR.
NOV 12	633	BLR Industries	BLR Industries		$32,830	$670		$33,500
NOV 15	634	PAYROLL	salaries expense		$6,585		$6,585
NOV 19	635	Lo Company			$1,960	$40		$2,000
NOV 30	636	PAYROLL	sales salaries expense		$6,585		$6,585

GENERAL JOURNAL
Date	Explanation	Debit	Credit
NOV 1	OFFICE EQUIPMENT	$5,058
	ACCOUNTS PAYABLE-BRUM SUPPLY		$5,058
NOV 17	ACCOUNTS PAYABLE-LO COMPANY	$557
	PURCHASE RETURN AND ALLOWANCES
NOV 26	ACCOUNTS PAYABLE-BRUM COMPANY	$922
	OFFICE EQUIPMENT		$922