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Prepare a multiple-column cash receipts journal

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Question - R. Carla Vista Co. uses special journals and a general journal. The following transactions occurred during May 2020.

May 1 R. Carla Vista invested $46,400 cash in the business.

May 2 Sold merchandise to Lawrie Co. for $6,640 cash. The cost of the merchandise sold was $3,880.

May 3 Purchased merchandise for $7,030 from J. Moskos using check no. 101.

May 14 Paid salary to H. Rivera $575 by issuing check no. 102.

May 16 Sold merchandise on account to K. Stanton for $900, terms n/30. The cost of the merchandise sold was $640.

May 22 A check of $9,060 is received from M. Mangini in full for invoice 101; no discount given.

Required -

(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized.

(b) Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized.

Reference no: EM133075881

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