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Assignment
Reineke Company's chart of accounts includes the following selected accounts.
101
Cash
201
Accounts Payable
120
Inventory
306
Owner's Drawings
130
Prepaid Insurance
505
Cost of Goods Sold
157
Equipment
On October 1, the accounts payable ledger of Reineke Company showed the following balances: Uggla Company $4,000, Orr Co. $3,800, Rosenthal Co. $2,200, and Clevenger Company $5,000. The October transactions involving the payment of cash were as follows.
Oct. 1
Purchased merchandise, check no. 63, $400.
3
Purchased equipment, check no. 64, $820.
5
Paid Uggla Company balance due of $4,000, less 2% discount, check no. 65, $3,920.
10
Purchased merchandise, check no. 66, $2,350.
15
Paid Rosenthal Co. balance due of $2,200, check no. 67.
16
C. Reineke, the owner, pays his personal insurance premium of $500, check no. 68.
19
Paid Orr Co. in full for invoice no. 610, $2,100 less 2% cash discount, check no. 69, $2,058.
29
Paid Clevenger Company in full for invoice no. 264, $2,700, check no. 70.
Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.)
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