SAY Write your answer in the space proxvide or ourchases sae

SAY. Write your answer in the space proxvide or ourchases, saese incurred during tions were incurred during our special journals: purchases, sales, cash receipts, and cash disbursements. The following sales and cash October: Sold merchandise on credit to Lake Co. for $3,000, terms 2/15, n/30, Invoice No. 245. Cost of the goods sold is S1,320 Sold merchandise on credit to Sigma Corp. for $2.000, terms, 2/10, n/30, Invoice No. 246. Cost of the goods sold is $740 ccepted merchandise returned by Lake Co. from October 1 sale. Issued cred Oct 1 To memorandum for $500. Cost of the goods returned is 52 13 Received cash payment from Lake Co. for October I sale 28 Recorded cash sales for the month, $8,000. Cost of the goods sold is Record these transactions in the appropriate special journals below. (12pts) 19 Received cash payment in full from Sigma Corp. for the October S sale. $4,220 Sales Jounal Date Account Debited Invoice Number PR Accounts Receivable Dr. Salos Cr. Cost of Goods Sold Dr. In Cash Receipts Joumal Cash Sales Dr. Discount Cr. Receivable Cr. Accounts Sales Other Cr. Costc Date Credited Accounts Dr. Dr. In General Jounal ate Accounts DR CR Cagh Sele

Solution

Accounts receivable Dr Cost of goods sold dr Sales journal Invoice number Sales Cr Invetory Cr 01-Oct Lake co. 245 3000 1320 05-Oct Sigma corp. 246 2000 740 Accounts receivable Sales Other Cogs Dr. Cash receipt journal Cash Sales discount Revenue accounts Inventory Cr. Accounts credited debit Debit Credit Credit Credit 13-Oct Lake co. 2450 50 2500 19-Oct Sigma corp. 2000 2000 28-Oct Cash sales 8000 8000 4220 General journal 10-Oct Inventory 290             Cost of goods sold 290 Sales return and allowance 500             Accounts receivable - jake co. 500