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McNally Play Company engaged in the following transactions during the month of August: August 4...

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Accounting

McNally Play Company engaged in the following transactions during the month of August: August 4 Purchased $8,000 of merchandise on account, terms 1/10, n/30. McNally records purchases using the gross method. 5 Returned $600 of the merchandise purchased on Aug. 4 because it was defective. 6 Purchased a machine for $12,000. Paid 20% down and signed an 8%, two-month note for the balance. 8 Purchased $600 of merchandise and paid $650, which included freight. 13 Paid the balance due on the purchase of Aug. 4. Required: Record these transactions in a general journal, assuming McNally Play uses a periodic inventory system.

Record the August transactions in a general journal, assuming McNally Play uses a periodic inventory system.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
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