Explore BrainMass

Explore BrainMass

    Sales Journal - perpetual

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Exhibit 7.5 attached. Please do the attached problem.

    Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:
    Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.

    5 Purchased $2,300 of merchandise on credit from Marsh Corp.

    7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no. 5704.

    8 Borrowed $8,000 cash by signing a note payable to the bank.

    12 Sold merchandise costing $200 to R. Land for $320, terms n_30, invoice no. 5705.

    16 Received $1,127 cash from J. Dryer to pay for the purchase of March 7.

    19 Sold used store equipment for $900 cash to Malone, Inc.

    25 Sold merchandise costing $350 to T. Burton for $550, terms n_30, invoice no. 5706.

    Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the March transactions that should be recorded in this sales journal.

    © BrainMass Inc. brainmass.com October 9, 2019, 9:38 pm ad1c9bdddf


    Solution Preview

    Please see the attached file.


    Account Debited Invoice
    PR Accounts Receivable ...

    Solution Summary

    The solution explains the entries to be made in a sales journal.