ACC 225
Axia College of University of Phoenix (UoP)
Financial Accounting
Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)
ACC 225 Solution
Help in ACC 225
Exercise 7-1 (E7-1) 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 2 10, n 30, 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 n 30, 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 n 30, 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.
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