Reference no: EM132978736
During February, Johnston Cranberries wrote the following cheques:
Feb.
Used cheque number 87655 to pay $490 on account to Musk Co. net of a $10 discount for an earlier purchase of inventory.
6 Purchased inventory for $3,800. Paid using cheque number 87656.
11 Paid $300 for supplies on cheque number 87657.
15 Purchased inventory on account from Monroe Corporation, $1,548.
16 Paid $24,100 on account to LaGrange Ltd.; there was no discount. Used cheque number 87658.
21 Purchased furniture for $2,800. Paid using cheque number 87659.
26 Paid $3,900 on account to Graff Software Ltd. for an earlier $4,000 purchase of inventory. The purchase discount was $100. Issued cheque number 87660 for this payment.
28 Made a semi-annual interest payment of $2,400 on a long-term note payable. Paid using cheque number 87661. The entire payment was for interest. (Assume none of the interest had been accrued previously.)
Required
1. cash payments journal similar to the one illustrated in this chapter. Omit the payee column.
2. Record the transactions in the cash payments journal. Which transaction should not be recorded in the cash payments journal? In what journal does it belong?
3. Total the amount columns of the cash payments journal. Determine that the total debits equal the total credits.
4. Using the cash payments journal
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