Accounting Principles I-Chapter 7 Special Journal Activity Using the following information for Baker Company..

Accounting Principles I
Chapter 7
Special Journal Activity

Complete the following activity and save this file on your hard drive. Then submit your file to your instructor on Canvas.

Required: Using the following information for Baker Company, journalize each of the transactions in the appropriate journal. Upon completion, total each journal and make sure each is in balance.

(NOTE: All sales are made with the terms of 1/10, N/30, and Baker's cost of all merchandise sold was 65% of the sales price.)

Jan. 1 Purchased merchandise on account from Bell Co., $8,900, terms 2/10, N/30.

Jan. 4 Purchased supplies for cash, $80.

Jan. 4 Sold merchandise on account to Gilbert, $7,500, invoice #371.

Jan. 5 Issued a debit memorandum to Bell Co. and returned $300 worth of damaged goods.

Jan. 6 Made cash sales for the week totaling $3,100.

Jan. 8 Purchased merchandise on account from Law Co., $4,500, terms 2/15, N/30.

Jan. 9 Sold merchandise on account to Mays Co., $5,600, invoice #372.

Jan. 11 Purchased merchandise on account from Hatch Co., $2,700, terms 2/10, N/30.

Jan. 11 Paid in full the Bell Co. on account less a 2% discount.

Jan. 13 Made cash sales for the week totaling $5,300.

Jan. 15 Received payment from Mays Co. for invoice #372, less allowable discount.

Jan. 17 Received payment from Gilbert for invoice #371, less allowable discount.

Jan. 17 Sold merchandise on account to Amber Co., $1,100, invoice #373.

Jan. 19 Purchased equipment on account from Johnson Co., $5,500, terms 2/10, N/30.

Jan. 20 Cash sales for the week totaled $3,200.

Jan. 20 Paid in full the Law Co. on account less a 2% discount.

Jan. 23 Purchased merchandise on account from Bell Co., $7,800, terms 2/10, N/30.

Jan. 24 Purchased merchandise on account from Levine Co., $4,690, terms 2/10, N/30.

Jan. 27 Made cash sales for the week totaling $3,700.

Jan. 30 Received payment from Amber Co. for invoice #373, less allowable discount.

Jan. 31 Paid monthly salaries of $13,000 to employees.

Jan. 31 Sold merchandise on account to Gilbert, $7,300, invoice #374.

Sales Journal

Date	Account Debited	Invoice No.	Ref.	Accts. Rec.Dr. Sales Cr.	Cost of Goods Sold Dr. Inventory Cr.

Purchases Journal

Date	Account Credited	Terms	Ref.	Inventory Dr. Accounts Payable Cr.

Cash Receipts Journal

Date	Account Credited	Ref.	Cash Dr.	Sales Discounts Dr.	Accounts Receivable Cr.	Sales Cr.	Other Accounts Cr.	Cost of Goods Sold Dr. Inventory Cr.

Cash Payments Journal

Date	Ck No.	Accounts Debited	Ref.	Other Accounts Dr.	Accounts Payable Dr.	Supplies Dr.	Inventory Cr.	Cash Cr.

General Journal

Date	Account Titles and Explanation	Ref.	Debit	Credit