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Exercise 7-7 Purchases journal—perpetual P1 Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disburse- ments journal, and a general journal. he !ollo"ing transactions occur in the month o! #une. #une 1 Purchased $%,1&& o! merchandise on credit !rom 'ic(, )nc., terms n**+&. % old merchandise costing $&& on credit to R. Pan(e !or $1,&& subject to a $+& sales dis- count i! paid by the end o! the month. 1/ Purchased $0/& o! store supplies !rom Poe Company on credit, terms n**+&. 17 Purchased $0& o! o!!ice supplies on credit !rom Rehmer Company, terms n**+&. 0/ old merchandise costing $/&& to 2. 3arnett !or $+& cash. 0% Purchased store supplies !rom Piburn4s !or $& cash. 0 Paid 'ic(, )nc., $%,1&& cash !or the merchandise purchased on #une 1. Prepare headings !or a purchases journal li(e the one in Exhibit 7..#ournali5e the #une transactions that should be recorded in the purchases journal.
PURCHASES JOURNALDateAccount Dateof InvoiceTermsPR Accounts Payabe Cr!Inventory Dr! Office Su""ies Dr! Ot#er Accounts Dr!June $%ic&' Inc!!!!!!!!!!!!!!!!!!!!!!!!!()*$n)+*,'$**,'$**$-Store Su""ies) Poe Co!!!!!!!!!!!!!!!!!!!!!!!!!()$-n)+*.-*.-*$/Re#mer Com"any!!!!!!!!!!!!!!!!!!!!!!!()$/n)+*.(*.(*
