154. The Moonlight Company completed the following sales and cash receipts transactions during the first week of November. The Moonlight Company uses the perpetual inventory system. Nov. 1 ...

Nov. 1

Sold merchandise for $6,700 on credit to the Three Rivers Co., terms 2/10, n/30. Invoice no. 1455. Cost of the merchandise sold is $3,600.

Nov. 1

Sold merchandise for $3,400 on credit to the Milwaukee Co., terms 2/10, n/30. Invoice no. 1456. Cost of the merchandise sold is $1,800.

Nov. 2

Sold merchandise for $590 for cash to the Madison Co. Invoice no. 1457. Cost of the merchandise sold is $300.

Nov. 3

Borrowed $10,000 from Lake City Bank on a long-term note payable.

Nov. 3

Sold merchandise for $7,200 on credit to the Pare Co., terms 2/10, n/30. Invoice no. 1458. Cost of the merchandise sold is $4,000.

Nov. 5

Received the amount due from the Three Rivers Co. from the sale on November 1.

Nov. 6

Sold merchandise on credit for $950 to the Manitowok Co., terms 2/10, n/30. Invoice No. 1459. Cost of the merchandise is $500.

Nov.10

Received the amount due from the Milwakee Co. from the sale on November 1.

Sales Journal

Date

Account Debited

Invoice
Number

PR

Accounts Receivable Dr.
Sales Cr.

Cost of Goods Sold Dr.
Inventory Cr.

Cash Receipts Journal

Date

Account Credited

Explanation

PR

CashDr.

Sales
Discount
Dr.

Accounts
Receivable
Cr.

Sales Cr.

Other
Accounts
Cr.

Cost of
Goods SoldDr.
InventoryCr.