Solved

Hawk Company Uses a Single-Column Purchases Journal a Cash Payments

Question 114

Essay

Hawk Company uses a single-column purchases journal a cash payments journal and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals.
Transactions
Oct. 5 Purchased merchandise on account for $19000 from Harrelson Company. Terms: 2/10 n/30; FOB shipping point.
Oct. 6 Paid $6600 to Ken's Insurance Company for a two-year fire insurance policy.
Oct. 8 Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms: 2/10 n/30.
Oct. 11 Purchased merchandise on account for $15000 from Steve Corporation. Terms: 2/10 n/30; FOB shipping point.
Oct. 13 Granted a reduction of $3000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage.
Oct. 15 Paid Harrelson Company for merchandise purchased on October 5 less discount.
Oct. 16 Purchased merchandise for $9000 cash from Williams Company.
Oct. 21 Paid Steve Corporation for merchandise purchased on October 11 less merchandise returned on October 13 less discount.
Oct. 25 Purchased merchandise on account for $21000 from Ozzle Company. Terms: 2/10 n/30; FOB shipping point.
Oct. 31 Purchased equipment for $27000 cash from Guillen Office Supply Company. Hawk Company uses a single-column purchases journal a cash payments journal and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct. 5 Purchased merchandise on account for $19000 from Harrelson Company. Terms: 2/10 n/30; FOB shipping point. Oct. 6 Paid $6600 to Ken's Insurance Company for a two-year fire insurance policy. Oct. 8 Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms: 2/10 n/30. Oct. 11 Purchased merchandise on account for $15000 from Steve Corporation. Terms: 2/10 n/30; FOB shipping point. Oct. 13 Granted a reduction of $3000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage. Oct. 15 Paid Harrelson Company for merchandise purchased on October 5 less discount. Oct. 16 Purchased merchandise for $9000 cash from Williams Company. Oct. 21 Paid Steve Corporation for merchandise purchased on October 11 less merchandise returned on October 13 less discount. Oct. 25 Purchased merchandise on account for $21000 from Ozzle Company. Terms: 2/10 n/30; FOB shipping point. Oct. 31 Purchased equipment for $27000 cash from Guillen Office Supply Company.
Hawk Company uses a single-column purchases journal a cash payments journal and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct. 5 Purchased merchandise on account for $19000 from Harrelson Company. Terms: 2/10 n/30; FOB shipping point. Oct. 6 Paid $6600 to Ken's Insurance Company for a two-year fire insurance policy. Oct. 8 Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms: 2/10 n/30. Oct. 11 Purchased merchandise on account for $15000 from Steve Corporation. Terms: 2/10 n/30; FOB shipping point. Oct. 13 Granted a reduction of $3000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage. Oct. 15 Paid Harrelson Company for merchandise purchased on October 5 less discount. Oct. 16 Purchased merchandise for $9000 cash from Williams Company. Oct. 21 Paid Steve Corporation for merchandise purchased on October 11 less merchandise returned on October 13 less discount. Oct. 25 Purchased merchandise on account for $21000 from Ozzle Company. Terms: 2/10 n/30; FOB shipping point. Oct. 31 Purchased equipment for $27000 cash from Guillen Office Supply Company.

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q109: The balance of a control account in

Q110: Devotchka Co. uses special journals and a

Q111: Which of the following statements is incorrect?<br>A)

Q112: A subsidiary ledger provides up-to-date information on

Q113: All of the following are advantages of

Q115: In which journal would a customer's partial

Q116: If a transaction cannot be recorded in

Q117: Control accounts are always located in the

Q118: The composite balance of individual accounts in

Q119: A sales journal is used to record<br>A)