(Answered) Velasquez company has the following selected transactions

Accounting

Velasquez Company has the following selected transactions during March.

Mar. 2 Purchased equipment costing $9,400 from Chang Company on account.

5 Received credit of $410 from Lyden Company for merchandise damaged in shipment to Velasquez.

7 Issued credit of $400 to Higley Company for merchandise the customer returned.

The returned merchandise had a cost of $260.

Velasquez Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal.

Instructions

(a) Journalize the transactions in the general journal.

(b) In a brief memo to the president of Velasquez Company, explain the postings to the control and subsidiary accounts from each type of journal.

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