Using the information in Exercise 7, complete the requirements assuming a periodic inventory system
In Exercise 7
Xion Supply uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of March 2014:
Mar. 3 Purchased merchandise for $5,500 on credit from Pace, Inc., terms 2/10, n/30.
9 Issued cheque # 210 to Narlin Corp. to buy store supplies for $900.
12 Sold merchandise on credit to K. Camp for $1,340, terms n/30, Cost, $800
17 Issued cheque # 211 for $3,000 to repay a note payable to City Bank.
20 Purchased merchandise for $7,000 on credit from LeBaron, terms 2/10, n/30.
29 Issued cheque # 212 to LeBaron to pay the amount due for the purchase of March 20, less the discount.
31 Paid salary of $3,400 to E. Brandon by issuing cheque # 213
31 Issued cheque # 214 to Pace, Inc., to pay the amount due for the purchase of March 3.
This question was answered on: Jul 11, 2017
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