Reference no: EM131533498
Question: Refer to Exercise and for each of the March transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter.
Exercise: Hutton Company 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 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 2y10, ny30, 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 ny30, 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 ny30, invoice no. 5706.
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: Refer to Exercise and for each of the March transactions identify the journal in which it would be recorded. Assume the company uses a sales journal.
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