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26 October, 08:36

Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal.

June 3 Issued Check No. 380 to Skipp Corp. to buy office supplies for $615.

5 Purchased merchandise for $7,000 on credit from Buck Co., terms n/15.

20 Issued Check No. 381 for $7,000 to Buck Co. to pay for the purchase of June 5.

23 Paid salary of $8,600 to T. Bourne by issuing Check No. 382.

26 Issued Check No. 383 for $11,750 to pay off a note payable to UT Bank.

Date Ck. No Payee Account debited Cash Inventory Other Accounts

Cr. Cr. accounts payable

Dr. Dr.

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Answers (1)
  1. 26 October, 12:07
    0
    Greenleaf Company

    Cash Payments Journal:

    Date Description Debit Credit

    June 3 Office Supplies $615

    Cash Account $615

    To record the issue of check No. 380 to Skipp Corp for office supplies.

    June 20 Accounts Payable (Buck Co.) $7,000

    Cash Account $7,000

    To record the issue of check No. 381 to Buck Co for inventory.

    June 23 Salary (T. Bourne) $8,600

    Cash Account $8,600

    To record the issue of check No. 382 for salary to T. Bourne.

    June 26 Note Payable (UT Bank) $11,750

    Cash Account $11,750

    To record the issue of check No. 383 to pay off a note payable.

    Explanation:

    A cash payments journal is one of the specialized journals that can be used to initiate the recording of a business transaction, especially with regard to cash payments. Like all journals, it shows the account to be debited and the one to be credited in the general ledger.
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