Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2010.
Sept. 2 Sold merchandise on account to T. Hossfeld, invoice no. 101, $720, terms n/30.The cost of the merchandise sold was $420.
10 Purchased merchandise on account from L. Rincon $600, terms 2/10, n/30.
12 Purchased office equipment on account from R. Press $6,500.
21 Sold merchandise on account to P. Lowther, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480.
25 Purchased merchandise on account from W. Barone $860, terms n/30.
27 Sold merchandise to S. Miller for $700 cash. The cost of the merchandise sold was $400.
Instructions
(a) Prepare a sales journal (see Illustration 7-7) and a single-column purchase journal (see
Illustration 7-13). (Use page 1 for each journal.)
(b) Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal.