Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,300, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Expert Systems for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period g

Sagot :

anthougo

Answer:

Cash Payments Transactions

General Journal

Sept. 5: Debit Accounts payable (Clinton Corp.) $6,300

Credit Cash $6,174

Credit Cash Discounts $126

To record the payment, via Check No. 318 for full settlement, including discount.

Sept. 12: Debit Accounts payable (Martin Company) $7,000

Credit Cash $6,930

Credit Cash Discounts $70

To record the payment on account, via Check No. 319, including discount.

Sept. 19: Debit Accounts payable (Expert Systems) $3,900

Credit Cash $3,900

To record payment on account.

Sept. 27 Debit Accounts payable (Dynamic Data) $9,000

Credit Cash $8,820

Credit Cash Discounts $180

To record payment on account, including discount.

Explanation:

a) Data and Analysis:

Sept. 5: Accounts payable (Clinton Corp.) $6,300 Cash $6,174 Cash Discounts $126 Check No. 318

Sept. 12: Accounts payable (Martin Company) $7,000 Cash $6,930 Cash Discounts $70 Check No. 319

Sept. 19: Accounts payable (Expert Systems) $3,900 Cash $3,900

Sept. 27 Accounts payable (Dynamic Data) $9,000 Cash $8,820 Cash Discounts $180

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.