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Glencoe Accounting: First Year Course, Student Edition | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe
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Recording Transactions in the Purchases Journal Sunset Surfwear had the following

Chapter 17, Problem 17-5

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QUESTION:

Recording Transactions in the Purchases Journal

Sunset Surfwear had the following purchases transactions for the month of July.

Instructions Use the purchases journal in your working papers.

1. Record each of the following transactions on page 4 of the purchases journal.

2. Foot, prove, total, and rule the purchases journal.

Calculate the total purchases on account for the month.

Questions & Answers

QUESTION:

Recording Transactions in the Purchases Journal

Sunset Surfwear had the following purchases transactions for the month of July.

Instructions Use the purchases journal in your working papers.

1. Record each of the following transactions on page 4 of the purchases journal.

2. Foot, prove, total, and rule the purchases journal.

Calculate the total purchases on account for the month.

ANSWER:

                                                            Step 1 of 5

Purchase journal is a subsidiary journal intended to record on account/credit purchases. The cash purchases are recorded in the general journal and cash payment journal and credit purchases are recorded on the purchase journal.

                                                           

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