Special Journals & Ledgers REQUIRED: FOR EACH OF THE FOLLOWING TRANSACTIONS, PLEASE INDICATE WHICH JOURNAL...
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Special Journals & Ledgers REQUIRED: FOR EACH OF THE FOLLOWING TRANSACTIONS, PLEASE INDICATE WHICH JOURNAL TO USE TO RECORD THE TRANSACTION AND WHICH LEDGER(S) ARE AFFECTED: (DO NOT RECORD THE JOURNAL ENTRIES) LABEL YOUR ENTRIES 1) Sold merchandise to Jones Co. $5,000, terms 2/10, net30 2) Issued CHECK #432 for the Purchase of Merchandise $2,500. 3) Sold merchandise for CASH $7500. 4) Purchased merchandise from Adams Co. $4,600; Terms 02/10 ,Net EOM 5) Made a Correcting Entry : We debited Insurance Expense ,we should have debited Prepaid Insurance. 6) As part of the Closing Entries, Closed the Revenue Accounts 7) Customer Jones paid us the net amount he owed us $4,900. (See #1 above)) 8) Paid Adams, the net amount owed $4,508. (See #4 above.).
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