York Fitness Equipment - Exercise 7-1 Sales journal—perpetual Hutton Company uses a sales journal, a purchases journal, a cash receipts?

Exercise 7-1 Sales journal—perpetual Hutton Company uses a sales journal, a purchases journal, a cash receipts?

Exercise 7-1 Sales journal—perpetual 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. Exercise 7-4 Cash receipts journal—perpetual Moeder Co. 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 November. Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20. 7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 sales discount if paid by the end of the month. 9 Borrowed $2,750 cash by signing a note payable to the bank. 13 J. Emling, the owner, contributed $4,000 cash to the company. 18 Sold merchandise costing $130 to B. Box for $230 cash. 22 Paid Hargrave Co. $3,100 cash for the merchandise purchased on November 3. 27 Received $882 cash from J. York in payment of the November 7 purchase. 30 Paid salaries of $1,600 in cash. Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November transactions that should be recorded in the cash receipts journal.

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