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Princess Corp. uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal and a General Journal. The following transactions were completed by the Princess Corp. during the month of October:
Oct 3 Sold merchandise for $5,500 to the South Corp. on credit, Invoice No. 1122.Oct 6 Sold a piece of land for $16,400 cash. The land was originally purchased for $12,600.Oct 11 Purchased supplies for $420 cash.Oct 15 Issued a credit memo for $550 to West Corp. for returned merchandise. The merchandise cost $100 and was returned to inventory.Oct 21 Returned $330 of merchandise purchased from Min Corp. for credit on account. Oct 24 Paid monthly salaries of $5,400.Oct 31 Recorded depreciation on equipment of $1,200.
Required:
Problem (a) Record the appropriate transaction in the General Journal
Problem (b) For the transactions not recorded in the General Journal, indicate the correct journal of original entry.
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