Asked by Denia Martinez on Jun 07, 2024
Verified
Corona Company uses a sales journal a cash receipts journal and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price.
July 2 Sold merchandise for $18000 to M. Jordan on account. Credit terms 1/10 n/30. Sales invoice No. 100.
July 5 Received a check for $1300 from K. Bryant in payment of his account.
July 8 Sold merchandise to S. O'Neal for $900 cash.
July 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount.
July 15 Sold merchandise for $7000 to K. Jabbar on account. Credit terms 1/10 n/30. Sales invoice No. 101.
July 18 Borrowed $15000 cash from Pacific Bank signing a 6-month 10% note.
July 20 Sold merchandise for $12000 to J. West on account. Credit terms 1/10 n/30. Sales invoice No. 102.
July 25 Issued a credit (reduction) of $760 to J. West as an allowance for damaged merchandise previously sold on account.
July 31 Received a check from K. Jabbar for $5500 as payment on account. 
Sales Journal
A specialized accounting ledger that records all sales transactions of a business, typically for goods or services on credit.
Cash Receipts Journal
A specialized accounting journal used to keep track of all cash inflows or receipts of a business.
General Journal
A comprehensive accounting ledger that records all types of financial transactions, before posting to specific accounts in the general ledger.
- Acquire knowledge on how to log and disseminate entries within unique journals.
Verified Answer
KS
Learning Objectives
- Acquire knowledge on how to log and disseminate entries within unique journals.