Table 7-9
the Following Transactions Occurred During the Month of July

question 91

Essay

Table 7-9
The following transactions occurred during the month of July for Lancer Company. $\begin{array}{llcc} \text {July 1 } &\text {Sold Merchandise on credit for \( \$ 3,100 \) to Chris Co, \( 2 / 10, \mathrm{n} 30 \), Invoice 316 . } \\ \text { 7 } & \text { Sold merchandise on credit to D. James for \( \$ 900,2 / 20 \), n 30 , Invoice 317 . }\\ \text {8 } &\text {Borrowed \( \$ 2,750 \) by giving a note to the bank. }\\ \text {13 } &\text {Owner invested an additional \( \$ 3,500 \) cash into the business. }\\ \text { 18 } &\text { Sold merchandise to \( M \). Garnett for \( \$ 230 \) cash.}\\ \text { 22} &\text { Sold merchandise to \( \mathrm{ABC} \) Co. \( \$ 2,100 \), Invoice \( 318 \mathrm{n} / 30 \). }\\ \text {27 } & \text { Received payment from D. James for the July 7 purchase. }\\ \text {30 } &\text {Paid salaries of \( \$ 1,600 \). }\\\end{array}$


-Refer to Table 7-9. Record transactions in the sales and cash receipts journals only (foot and cross-foot journals). $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ $\text { Sales Journal}$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Page 2}$
$\begin{array}{c|c|l|l|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Debited }\end{array} & \text { Invoice Number } & \text { PR } & \begin{array}{c}\text { Accounts Receivab le Dr. } \\\text { Sales Cr. }\end{array} \\\hline & & & & \\\hline & & & &0 \\\hline & & & & \\\hline & & & & \\\hline\end{array}$

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Cash Receipts Journal }$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Page 2}$
$\begin{array}{c|c|c|c|c|c|c|c|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Credited }\end{array} & \text { PR } & \text { Explanation } & \begin{array}{c}\text { Cash } \\\text { Dr. }\end{array} & \begin{array}{c}\text { Sales } \\\text { Disc. } \\\text { Dr. }\end{array} & \begin{array}{c}\text { Accts. } \\\text { Rec. } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Sales } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Other } \\\text { Accts. } \\\text { Cr. }\end{array} \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & &\\\hline \end{array}$

---

Definitions:

Feudal System

A historical socio-economic system in which land was owned by lords who allowed peasants to farm it in return for labor, military service, and part of the produce.

Agricultural Production

The process and practice of cultivating crops and livestock, involving various activities such as planting, harvesting, and rearing animals for food or other uses.

Aristocratic Ownership

The holding of assets, properties, or businesses by individuals or families with noble lineage or high social status.

New Culture Industries

Businesses and sectors focused on the production and distribution of cultural goods and services, adapting to technological innovations and changing consumer tastes.