Parker Industrial Corp Please Enter the Above Two Transactions into the Sales Journal

question 58

Essay

Parker Industrial Corp. uses a sales journal to record each sale transaction. On January 19, the sales journal was as you see below. Later in the month, two additional sales were made as follows: $$\begin{array} { | c | c | c | c | } \hline \text { Inv\# } & \text { Amount } & \text { Customer } & \text { Cost of Goods } \\\hline 3079 & \$ 444 & \text { Lanier Service, Inc. } & \$ 201 \\\hline 3080 & 709 & \text { June, Laura } & 366 \\\hline\end{array}$$ Please enter the above two transactions into the sales journal and calculate the totals for the month.
Sales Journal $\begin{array}{c}\begin{array}{|l|}\hline\\\\\text { Date}\\\hline \text { Jan 12}\\\hline\\19\\\hline\\24\\\hline\\29\\\hline\\\hline \end{array}\begin{array}{l|}\hline\\\\\text {Invoice \#}\\\hline3077\\\hline\\3078\\\hline\\\\\hline\\\\\hline\\\hline \end{array}\begin{array}{l|}\hline\\\\\text {Customer}\\\hline \text {Fogelin, Any}\\\hline \\\text {Faass Products Co.}\\\hline \\\\\hline \\\\\hline \text {Total}\\\hline \end{array}\begin{array}{c|}\hline\\\text {Post}\\\text {Ref.}\\\hline \\\hline \\\\\hline \\\\\hline \\\\\hline \\\hline \end{array}\begin{array}{l|}\hline \text {Accts Rec}\\\text {DR} / \\\text {Sales Rev CR}\\ \hline\$ 2,400 \\\hline\\1,012\\\hline\\\\\hline\\\\\hline\\\hline\end{array}\begin{array}{l|}\hline\\\text { COGSDR } \\\text { Inventory CR } \\\hline \$ 960\\\hline\\800\\\hline\\\\\hline\\\\\hline\\\hline \end{array}\end{array}$

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Definitions:

Sale On Account

A transaction where goods are sold and payment is to be made at a later date.

Equity

The value of an owner's interest in a company, calculated as the difference between the company's assets and liabilities.

Assets

Economic resources owned or controlled by a business or individual that are expected to bring future benefits.

Liabilities

Financial obligations or debts a company owes to others that must be paid in the future.