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(Solved by Expert Tutors)Prepare a multiple-column cash receipts journal and record the transaction


Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

May 1 R. Santiago invested $48,232 cash in the business.
2 Sold merchandise to Lawrie Co. for $5,976 cash. The cost of the merchandise sold was $4,375.
3 Purchased merchandise for $7,322 from J. Moskos using check no. 101.
14 Paid salary to H. Rivera $748 by issuing check no. 102.
16 Sold merchandise on account to K. Stanton for $947, terms n/30. The cost of the merchandise sold was $561.
22 A check of $9,057 is received from M. Mangini in full for invoice 101; no discount given.
(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized.?(Record entries in the order presented in the problem statement.)

R. SANTIAGO CO.
Cash Receipts Journal
CR1
Date Account
Credited
Ref Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Revenue
Cr.
Other
Accounts
Cr.
Cost of Goods Sold
Dr.
Inventory Cr.
?May 1May 2May 3May 14May 16May 22 ?M. ManginiOwner?s Cap.
?May 1May 2May 3May 14May 16May 22 ?M. ManginiOwner?s Cap.
?May 1May 2May 3May 14May 16May 22 ?M. ManginiOwner?s Cap.


 


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