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 7-7 (E7-7) Redmon Company 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 June.
June 1 Purchased $8,100 of merchandise on credit from Vick, Inc., terms n 30.
8 Sold merchandise costing $900 on credit to R. Panke for $1,500 subject to a $30 sales discount if paid by the end of the month.
14 Purchased $240 of store supplies from Poe Company on credit, terms n 30.
17 Purchased $260 of office supplies on credit from Rehmer Company, terms n 30.
24 Sold merchandise costing $400 to L. Barnett for $630 cash.
28 Purchased store supplies from Piburn’s for $90 cash.
29 Paid Vick, Inc., $8,100 cash for the merchandise purchased on June 1.
Prepare headings for a purchases journal like the one in Exhibit 7.9. Journalize the June transactions that should be recorded in the purchases journal.
Click here for the SOLUTION
