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 7-10 (E7-10) Politte Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April.
Apr. 3 Purchased merchandise for $2,750 on credit from Scott, Inc., terms 2 10, n 30.
9 Issued check no. 210 to Kidman Corp. to buy store supplies for $450.
12 Sold merchandise costing $400 on credit to C. Myers for $670, terms n 30.
17 Issued check no. 211 for $1,500 to pay off a note payable to City Bank.
20 Purchased merchandise for $3,500 on credit from LeBron, terms 2 10, n 30.
29 Issued check no. 212 to LeBron to pay the amount due for the purchase of April 20, less the discount.
30 Paid salary of $1,700 to B. Decker by issuing check no. 213.
31 Issued check no. 214 to Scott, Inc., to pay the amount due for the purchase of April 3.
Prepare headings for a cash disbursements journal like the one in Exhibit 7.11. Journalize the April transactions that should be recorded in the cash disbursements journal.
Click here for the SOLUTION
