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    Renton Co. uses special journals to record its transactions.

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    Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May:

    Record these transactions in the following journals.

    Purchase Journal

    Date

    Account
    Date of invoice

    Terms

    Pr Accounts payable Cr. Inventory Dr. Office Supplies
    Other Accounts Dr.
    5-2 Echo Co./Office Equipment 5-1 n/60 7,200
    5-9 Inca Inc./Merchandise 5-8 1/15,n/30 24,600 24,600
    5-18 Howe Inc./Office Supplies 5-17 EOM 230 230
    5-31 Totals 32,030 24,600 230

    Cash Disbursements Journal

    Date Ck. No. Payee Account Debited

    Pr Cash Cr. Inventory Cr. Other Accounts Dr.
    Accounts Payable Dr.
    5-1 1133 Zillah Co. Zillah Co. 5,400
    5-6 1134 Fox Inc Fox Inc 100
    5-10 1135 Echo Co. Echo Co. 7,200
    5-31 Total 12,600 100

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    Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May:

    Record these transactions in the following journals.

    Purchase Journal ...

    Solution Summary

    This solution is comprised of a detailed explanation to record these transactions in the following journals.

    $2.19