Accounting Homework Help? General Journal, Cash Receipts Journal, and Cash Payment Journal.?

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Accounting Homework Help? General Journal, Cash Receipts Journal, and Cash Payment Journal.?




May 6, Received a shipment from Lakeside Books, invoice dated May 6, terms 2/10, n/30, FOB shipping point, $11300



May 7, Issued check no. C002 to Pappanopoulos Freight for transportation charges on the previous day's shipment, $574



May 10, Returned books to Chassman Books, Inc, for credit $760



May 12, Issued check no. C005 to Chassman Books, Inc,. for balance of amount owed less discount.



May 14, Issued check no. C006 to Lakeside Books, $6000 less discount.



May 15, Signed a 90-day, 10 percent not for a bank loan and received $20000 in cash.



May 16, Issued a credit memorandum to Midtown Center for returned books, $124.



May 17, Received full payment from Midtown Center of balance owed less discount.



May 20, Returned additional books purchased on May 4 to Chassman Books, Inc for credit at gross price $1436



Please, Thank You.


Update 1: May 9, Sold books to Midtown Center, terms 5/10, n/30, invoice no.1001, $1564


Update 2: General Journal are: May 10, 16, and 20.

Cash Receipts Journal are: May 15 and 17

Cash Payment Journal are: May 7, 12, 14.

Also what is it meant by for balance of amount owed less discount.



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Posted Answers:

Signed a 90-day, 10 percent not for a bank loan and received $20000 in cash.

Will there be a deduction?