Reference no: EM133098871
Question - Special Journals Exercise - Record the July 2020 entries for each transaction in the proper journal.
July 1 Paid month's rent, Check no #330 $850.00
July 3 Sold Merchandise on account (Canon) Invoice #129 $750.00
July 4 Purchased merchandise on account (Vivitar) Invoice #84 $910.00
July 7 Invested additional cash in business $1200.00
July 8 Withdrew for personal use, Check no #331 $400.00
July 11 Paid Vivitar on account, Check no #332 $750.00
July 12 Sold Merchandise on account (Nikon) Invoice 130 $900.00
July 14 Bi-weekly cash sales $730.00
July 15 Paid employee's salary, Check no #333 $825.00
July 17 Received cash from Canon (on account) $600.00
July 20 Purchased merchandise on account (Sun) Invoice #85 $730.00
July 22 Purchased merchandise on account (Vivitar) Invoice #86 $680.00
July 25 Withdrew for personal use, Check no #334 $900.00
July 27 Paid Sun on account, Check no #335 $600.00
July 28 Bi-weekly cash sales $850.00
July 29 Received cash from Nikon (on account) $550.00
July 30 Paid employee's salary, Check no #336 $825.00
Required -
1. Total, balance, and rule all special journals.
2. Post the column totals as indicated in the headings of each special column (all journals) and then the individual entries from the cash disbursements and cash receipts journals. to the General Ledger.
3. Post individual amounts to the subsidiary ledgers.
4. Prepare a schedule of Accounts Payable and Accounts Receivable for the Owner, John Davis on July 31, 2020.