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Assignment 4

The document describes transactions recorded by Corona Company in July. It provides details of sales on account, cash receipts, and other transactions. The summary requires recording the transactions in a sales journal and cash receipts journal. The sales journal shows sales on account of $37,000 with associated costs of $24,050. The cash receipts journal records $40,340 in cash received with $360 in sales discounts, $24,800 moving to accounts receivable, $900 to sales revenue, and $15,000 to the other account for the bank loan.

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200 views2 pages

Assignment 4

The document describes transactions recorded by Corona Company in July. It provides details of sales on account, cash receipts, and other transactions. The summary requires recording the transactions in a sales journal and cash receipts journal. The sales journal shows sales on account of $37,000 with associated costs of $24,050. The cash receipts journal records $40,340 in cash received with $360 in sales discounts, $24,800 moving to accounts receivable, $900 to sales revenue, and $15,000 to the other account for the bank loan.

Uploaded by

Samira Alhashimi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Principles of Accounting 1: Assignment 4

Assignment 4
Chapter 7: Accounting Information System
Semester II, 2018-2019

Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers.
July 2 Sold merchandise for $18,000 to M. Jordan on account. Credit terms 2/10, n/30. Sales invoice No. 100. The cost of the
merchandise sold was $11,700.
July 5 Received a check for $1,300 from K. Bryant in payment of his account.
July 8 Sold merchandise to S. O'Neal for $900 cash. The cost of the merchandise sold was $585.
July 10 Received a check for $17,640 from M. Jordan in payment of an invoice dated July 2 for $18,000.
July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. The cost of the
merchandise sold was $4,550.
July 18 Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note.
July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. The cost of the
merchandise sold was $7,800.
July 31 Received a check from K. Jabbar for $5,500 as payment on account, no discount given.

1
Principles of Accounting 1: Assignment 4

REQUIRED:
Record the transactions for July that should be journalized in sales journal and cash receipt journal.

CORONA COMPANY
SALES JOURNAL
Date Accounts Debited Invoice No. Accounts Receivable (Dr) Costs of goods sold (Dr)
Sales Revenue (Cr) Inventory (Cr)
July 2 M.Jordan 100 18.000 11.700
July 15 K.jabbar 101 7000 4.550
July 20 J.west 102 12.000 7.800
31 july Balance 37.000 24050

CORONA COMPANY
CASH RECEIPT JOURNAL
Date Accounts Cash Sales Accounts Sales Other Costs of goods
Credited (Dr) Discount Receivable Revenue accounts sold (Dr)
(Dr) (Cr) (Cr) (Cr) Inventory (Cr)
July 15 K. Bryant 1300 1300
July 8 S. O'Neal 900 900 585
July 10 M. Jordan 17.640 360 18.000
July 18 Pacific Bank 15.000 15.000
July 31 K.jabbar 5500 5500
July 31 Balance 40.340 360 24.800 900 15.000 585

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