(Answered) Montalvo company uses special journals and a general

Accounting

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.

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