Reference no: EM133140924
Question - Sunland Company uses the perpetual method, a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others.
Transactions
Oct 5 Purchased merchandise on account for $19,800 from Harrelson Company. Terms: 2/10, n/30; FOB shipping point.
Oct. 6 Paid $7,400 to Ken's Insurance Company for a two-year fire insurance policy.
Oct. 8 Purchased store supplies on account for $1,400 from Stone Pony Supply Company. Terms: 2/10, n/30.
Oct. 11 Purchased merchandise on account for $15,800 from Steve Corporation. Terms: 2/10, n/30; FOB shipping point.
Oct. 13 Granted a reduction of $3,800 from Steve Corporation for merchandise purchased on October 11 and returned because of damage.
Oct. 15 Paid Harrelson Company for merchandise purchased on October 5, less discount.
Oct. 16 Purchased merchandise for $9,800 cash from Williams Company.
Oct. 21 Paid Steve Corporation for merchandise purchased on October 11, less merchandise returned on October 13, less discount.
Oct. 25 Purchased merchandise on account for $21,800 from Ozzle Company. Terms: 2/10, n/30; FOB shipping point.
Oct. 31 Purchased equipment for $27,800 cash from Guillen Office Supply Company.
Record the above transactions in the appropriate journals.
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