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Using the (b) Foot and cross-foot (c) Show how postings would be made B all speci ing to P7-5A Presented below are the purchases its first month of operations 0 marks as needed in the journals. (Actual posting and cash payments journals for PURCHASES JOURNAL Inventory Dr 6,800 8,100 5,920 15,300 7,900 44,020 Date Account Credited Ref. Accounts Payable Cr July 4 N. Alvarado 5 E Rees 11 J. Gallup 13 C. Werly 20 M. Mangus CP1 CASH PAYMENTS JOURNAL Other Accounts Accounts Payable Inventory Cash Account Debited Date Ref Dr. Dr. Cr. Cr 600 8,019 6,000 6,800 2,500 15,147 July 4 Supplies 600 6,000 2,500 10 F. Rees 81 8,100 6,800 15,300 Rent 15 N. Alvarado 19 Owner's Drawings 21 C. Werly 153 9,100 30,200 23439066 merchandise sold was 65% of the sales price. July1 The founder, N. Fornelli, invests $80,000 in cash. Sell merchandise on account to Dow Co. $6,200 terms 1/10, n/30. 7 Make cash sales totaling $8,000 8 Sell merchandise on account to S. Goebel $4,600, terms 1/10, n/30. 6 10 Sell merchandise on account to W. Leiss $4,900, terms 1/10, n/30. 3 Receive payment in full from S. Goebel. 16 Receive payment in full from W. Leiss. 20 Receive payment in full from Dow Co. 21 Sell merchandise on account to H. Kenney $5,000, terms 1/10, n/30. 29 Returned damaged goods to N. Alvarado and received cash refund of $420. Using the (b) Foot and cross-foot (c) Show how postings would be made B all speci ing to P7-5A Presented below are the purchases its first month of operations 0 marks as needed in the journals. (Actual posting and cash payments journals for PURCHASES JOURNAL Inventory Dr 6,800 8,100 5,920 15,300 7,900 44,020 Date Account Credited Ref. Accounts Payable Cr July 4 N. Alvarado 5 E Rees 11 J. Gallup 13 C. Werly 20 M. Mangus CP1 CASH PAYMENTS JOURNAL Other Accounts Accounts Payable Inventory Cash Account Debited Date Ref Dr. Dr. Cr. Cr 600 8,019 6,000 6,800 2,500 15,147 July 4 Supplies 600 6,000 2,500 10 F. Rees 81 8,100 6,800 15,300 Rent 15 N. Alvarado 19 Owner's Drawings 21 C. Werly 153 9,100 30,200 23439066 merchandise sold was 65% of the sales price. July1 The founder, N. Fornelli, invests $80,000 in cash. Sell merchandise on account to Dow Co. $6,200 terms 1/10, n/30. 7 Make cash sales totaling $8,000 8 Sell merchandise on account to S. Goebel $4,600, terms 1/10, n/30. 6 10 Sell merchandise on account to W. Leiss $4,900, terms 1/10, n/30. 3 Receive payment in full from S. Goebel. 16 Receive payment in full from W. Leiss. 20 Receive payment in full from Dow Co. 21 Sell merchandise on account to H. Kenney $5,000, terms 1/10, n/30. 29 Returned damaged goods to N. Alvarado and received cash refund of $420

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