Reference no: EM132470592
Question - Princess Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, a General Journal and a perpetual inventory system.
The following transactions were completed by Princess Company during the month of October:
Oct. 3 Sold merchandise for $8,500 to Bear Corp. on credit, Invoice No. 122.
Oct. 6 Sold a piece of equipment for $60,400 cash. The equipment was originally purchased for $52,600.
Oct. 11 Purchased supplies for $620 cash.
Oct. 15 Issued a credit memo for $4.550 to Bear Corp. for returned merchandise. The merchandise cost $2.100 and was returned to inventory.
Oct. 21 Returned $2,330 of merchandise purchased from Mountain Corp. for credit on account.
Oct. 24 Paid monthly salaries of $35,400.
Oct. 31 Recorded depreciation on buildings of $12,000.
Required -
(a) Record the appropriate transactions in the General Journal.
(b) For the transactions not recorded in the General Journal, indicate the correct special journal that would be used.
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