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Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marsh Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2/10, n/30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Land for $320, term n/30, invoice no. 5705.
16 Received $1,127 cash form J. Dryer to pay for the purchase of March 7.
19 Sold used store equipment for $900 cash to Malone, Inc.
25 Sold merchandise costing $350 to T. Burton for $550, terms n/30, invoice no. 5706.
Prepare heading for a sales journal like the one in Exhibit 7.5 Journalize the March transactions that
should be recorded in this sale journal.
Answer
Sale Journal Page 1
Invoice Account Receivable Dr. Cost of Goods sold Dr.
Date Account Debited PR
Number Sale Cr. Inventory Cr.
Mar. 7 J. Dryer 5704 1,150 800
12 R. Land 5705 320 200
25 T. Burton 5706 550 350
31 Total 2,020 1,350
(106/413) (512/119)
Schedule for A/R
J. Dryer 1,150
R. Land 320
T. Burton 550
2,020
Account Receivable Ledger
J. Dryer
Date PR Debit Credit Balance
Mar. 7 S1 1,150 1,150
R. Land
Date PR Debit Credit Balance
Mar. 12 S1 320 320
T. Burton
Date PR Debit Credit Balance
Mar. 25 S1 550 550
Prepared by: .: K.M.L :. Page 1
Paññāsāstra
University of Cambodia ACCT312 (HW01)
General Ledger
Account Receivable No.106
Date PR Debit Credit Balance
Mar. 31 S1 2,020 2,020
Inventory No.119
Date PR Debit Credit Balance
Mar. 31 S1 1,350 1,350
Sales No.413
Date PR Debit Credit Balance
Mar. 31 S1 2,020 2,020
Cost of Goods Sold No.512
Date PR Debit Credit Balance
Mar. 31 S1 1,350 1,350
Exercise 7-2
Refer to Exercise 7‐1 and for each of March transactions identify the journal in with it would be
recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash
disbursements journal, and general journal as illustrated in this chapter.
Answer
Mar. 2, 8, 16, 19 recorded to a Cash Receipts Journal.
Mar. 5 recorded to a Purchase Journal.