Jeter Co.
Sales Journal
Date
Account Debited
Invoice
No.
Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Jan 3
C. Corpas
510
√
3,600
2,160
J. Revere
511
√
1,800
1,080
11
R. Beltre
512
√
1,600
960
S. Mahay
513
√
900
540
22
B. Corpas
514
√
2,700
1,620
Principles of Accounting 5
Group 3
CP7-1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts
payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in
the working papers presented below. Also following are series of transactions for Jeter Co. for the month of January. Credit
sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.!
Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal as shown in
Illustration 7-9, a cash payments journal as shown in Illustration 7-16.
R. Beltre
515
√
2,300
1,380
25
B. Santos
516
√
3,500
2,100
J. Revere
517
√
6,100
Date
Jan 5
S. Gamel
√
5,000
√
2,200
√
S. Meek
√
√
1,500
27
√
√
3,200
S. Gamel
√
5,400
