Answer to Question #225515 in Accounting for Shahidul Islam

Question

Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of May, the ledger of Robinson showed Cash balance of $6,000.

a) Journalize the following transactions of May (Assume that the company follows Perpetual Inventor System), by

- - - selecting the accounts to be debited and stating the debit amounts,

- - - selecting the accounts to be credited and stating the credit amounts.

May 1 Purchased merchandise on account from Logun Ltd. $4,600,terms 2/10,n/30.

Account to be debited is

The debit amount is $

Account to be credited is

The credit amount is $

May 2 Sold merchandise on account $2,100,terms 1/15, n/30.The cost of the merchandise sold was $1,300.

Account to be debited in relation to income is

The debit amount is $

Account to be credited in relation to income is

The credit amount is $

The other account to be debited is

The debit amount is $

The other account to be credited is

The credit amount is $

Answer 1

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