R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Sunland invested $46,900 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. 3 Purchased merchandise for $6,940 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $715 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. 22 A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.

R. Sunland Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Sunland invested $46,900 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470. 3 Purchased merchandise for $6,940 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $715 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550. 22 A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.6C

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May 1		R. Sunland invested $46,900 cash in the business.
2		Sold merchandise to Lawrie Co. for $6,530 cash. The cost of the merchandise sold was $4,470.
3		Purchased merchandise for $6,940 from J. Moskos using check no. 101.
14		Paid salary to H. Rivera $715 by issuing check no. 102.
16		Sold merchandise on account to K. Stanton for $965, terms n/30. The cost of the merchandise sold was $550.
22		A check of $9,380 is received from M. Mangini in full for invoice 101; no discount given.

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