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ABC Company engaged in the following transaction in October 2018
Oct
7 Sold Merchandise on credit to Lina Quiz $6000 8 Purchased merchandise on credit from Ruff Company $12,000. 9 Paid Curry Company for shipping charges on merchandise purchased on October 8 $508. 10 Purchase merchandise on credit from Swell Company $19,200 13 Purchase office supplies on credit from Door Company $4,800. 14 Sold merchandise on credit to Peter Watts $4,800. 14 Returned damage merchandise receive Ruff Company on October 8 $1,200. 17 Received cheque from Lina Ortiz for her purchase on October 7 18 Returned a portion of the office supplies received on October 13 for credit because the wrong item was sent $800. 19 Sold merchandise for cash $3,600. 20 Paid Swell for purchase of October 10. 21 Paid Ruff Company the balance from the transactions of October 8 and 14.
Problem 1: You are required to prepare entries in the General Journal, Returns Journal, Purchase and Sales Journal to record the transactions above.
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