R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.
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May
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1
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R. Santiago invested $40,000 cash in the business.
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2
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Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.
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3
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Purchased merchandise for $7,700 from J. Moskos using check no. 101.
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14
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Paid salary to H. Rivera $700 by issuing check no. 102.
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16
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Sold merchandise on account to K. Stanton for $900, terms n/30. The cost of the merchandise sold was $630.
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22
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A check of $9,000 is received from M. Mangini in full for invoice 101; no discount given.
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Instructions
(a) Prepare a multiple-column cash receipts journal a multiple-column cash payments journal
(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.