Question

This is using Sage 50. I need help with the following jounral entries. the dates and journal are filled in

M05: Chapter 12 Assessment

Question 1

For the following transaction that was performed in Chapter 12, answer the following questions:

Invoice No. 480CP was received from Carl Peters Tools for the purchase of 10 tool kits for a unit cost of $30.

1.   Date of Transaction is:  Use 00/00/00 format. 01/04/17

2.   Journal used:  Purchases Journal

3.   Journal Entry:

Need help with the following journal entry ***

Debit - Account #  , Account Name:  and Amount of Entry (Use format $x,xxx.xx)

Credit - Account #  , Account Name:  and Amount of Entry (Use format $x,xxx.xx)

Question 2

For the following transaction that was performed in Chapter 12, answer the following questions:

Returned two tool kits to Carl Peters Tools, Invoice No. 480CP. Paid $30 for each tool kit: VCM480CP

1.   Date of Transaction is:  Use 00/00/00 format. 01/06/17

2.   Journal used:   Payments Journal

3.   Journal Entry:

Need help with the following journal entry ***

Debit - Account #  , Account Name:  and Amount of Entry (Use format $x,xxx.xx)

Credit - Account #  , Account Name:  and Amount of Entry (Use format $x,xxx.xx)

Question 3

For the following transaction that was performed in Chapter 4, answer the following questions:

Record paycheck information for Derrick P. Gross.

1.   Date of Transaction is:  Use 00/00/00 format. 01/11/17

2.   Journal used:  Payments Journal

3.   Journal Entry:

Need help with the following journal entry ***

Debit - Account #  , Account Name:  and Amount of Entry  (Use format $x,xxx.xx)

Credit - Account #  , Account Name:  and Amount of Entry  (Use format $x,xxx.xx)

Credit - Account #  , Account Name:  and Amount of Entry  (Use format $x,xxx.xx)

Answer 1

1	Date of transaction	01/04/17
	Journal used	Purchase
	Journal entry
	Debit:	Purchase a/c Dr.	$ 300.00
	Credit:	To carl Peters Tools a/c		$ 300.00
2	Date of transaction	01/06/17
	Journal entry
	Debit:	Carl Peters tools a/c Dr	$ 300.00
	Credit:	to cash a/c		$ 240.00
	Credit:	to purchase a/c		$    60.00
3	Date of transaction	01/11/17
	Journal used	payments
	Journal entry
	Debit:	Derrick P. Gross a/c Dr	$ xxx.xx
	Credit:	To cash a/c		$ xxx.xx