In a brief memo to the president of Jayne Cobb Company, explain the postings to the control and…

 
   

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Jayne Cobb Company has the following selected transactions during March.

Mar.

2

Purchased equipment costing $9,400 from Adam Company on account.

5

Received credit of $410 from Baldwin Company for merchandise damaged in shipment

to Jayne Cobb.

7

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

The returned merchandise had a cost of $260.

Jayne Cobb 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 Jayne Cobb Company, explain the postings to the control and subsidiary accounts from each type of journal.