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Journalize the Following:
2. Monthly credit sales were $ 35,000
3. Received Cash receipt payments on Receivables in the
amount of $ 10,000.
4. Customers’ cheque in the amount of $ 100 bounces and
was re-deposited. Book both entries.
5. Material is bought on account for £ 100,000. The
exchange rate is Four pounds to One Dollar.
Then, later, merchandize is paid for. The exchange
rate is Five pounds to One Dollar.
Book both entries in Dollar when merchandize is
bought and when it was paid.
6. Materials worth $ 20,000 was purchased on account
and paid for with 1% discount. Book both entries.
7. Record the purchase of Direct Material on Account in
the amount of $ 20,000. Half of it was for stock and the
other half for a specific job order.
8. Record the disbursement of $ 1,000 raw material to
shop floor for use on specific job
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