The following transactions occur in the month of June.
June 1: Purchased $8,100 of merchandise on credit from Vick, Inc., terms n/30.
8: Sold merchandise costing $900 on credit to R. Panke for $1,500 subject to a $30 sales discount if paid by the end of the month.
14: Purchased $240 of store supplies from Poe Company on credit, terms n/30.
17: Purchased $260 of office supplies on credit from Rehmer Company, terms n/30.
24: Sold merchandise costing $400 to L. Barnett for $630 cash.
28: Purchased store supplies from Piburn's for $90 cash.
29: Paid Vick, Inc., $8,100 cash for the merchandise purchased on June 1.
Prepare headings for a purchases journal. Journalize the June transactions that should be recorded in the purchases journal.
Please view the attached file for proper formatting of the solution.
This solution is comprised of a detailed explanation to prepare headings for a purchases journal and journalize the June transactions that should be recorded in the purchases journal. The complete solution is provided within an attached Excel file.