Accounting Principles I
Chapter 7
Special Journal Activity
Complete the following activity and save this file on
your hard drive. Then submit your file
to your instructor on Canvas.
Required: Using the following information for Baker
Company, journalize each of the transactions in the
appropriate journal. Upon completion, total each journal and make
sure each is in balance.
(NOTE: All sales are made
with the terms of 1/10, N/30, and Baker’s cost of all
merchandise sold was 65%
of the sales price.)
Jan. 1 Purchased merchandise on
account from Bell Co., $8,900, terms 2/10, N/30.
Jan. 4 Purchased supplies for cash,
$80.
Jan. 4 Sold merchandise on account
to Gilbert, $7,500, invoice #371.
Jan. 5 Issued a debit memorandum to
Bell Co. and returned $300 worth of damaged goods.
Jan. 6 Made cash sales for the week
totaling $3,100.
Jan. 8 Purchased merchandise on
account from Law Co., $4,500, terms 2/15, N/30.
Jan. 9 Sold merchandise on account
to Mays Co., $5,600, invoice #372.
Jan. 11 Purchased merchandise on
account from Hatch Co., $2,700, terms 2/10, N/30.
Jan. 11 Paid in full the Bell Co. on
account less a 2% discount.
Jan. 13 Made cash sales for the week
totaling $5,300.
Jan. 15 Received payment from Mays
Co. for invoice #372, less allowable discount.
Jan. 17 Received payment from
Gilbert for invoice #371, less allowable discount.
Jan. 17 Sold merchandise on account
to Amber Co., $1,100, invoice #373.
Jan. 19 Purchased equipment on
account from Johnson Co., $5,500, terms 2/10, N/30.
Jan. 20 Cash sales for the week
totaled $3,200.
Jan. 20 Paid in full the Law Co. on
account less a 2% discount.
Jan. 23 Purchased merchandise on
account from Bell Co., $7,800, terms 2/10, N/30.
Jan. 24 Purchased merchandise on
account from Levine Co., $4,690, terms 2/10, N/30.
Jan. 27 Made cash sales for the week
totaling $3,700.
Jan. 30 Received payment from Amber
Co. for invoice #373, less allowable discount.
Jan. 31 Paid monthly salaries of
$13,000 to employees.
Jan. 31 Sold merchandise on account
to Gilbert, $7,300, invoice #374.
Sales Journal
Date
Account Debited
Invoice
No.
Ref.
Accts. Rec.Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Purchases
Journal
Date
Account Credited
Terms
Ref.
Inventory Dr.
Accounts Payable Cr.
Cash Receipts Journal
Date
Account Credited
Ref.
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
Cost of Goods
Sold Dr.
Inventory Cr.
Cash
Payments Journal
Date
Ck
No.
Accounts
Debited
Ref.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Supplies
Dr.
Inventory
Cr.
Cash
Cr.
General
Journal
Date
Account Titles
and Explanation
Ref.
Debit
Credit
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