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Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,300, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Expert Systems for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period g

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Answer:

Cash Payments Transactions

General Journal

Sept. 5: Debit Accounts payable (Clinton Corp.) $6,300

Credit Cash $6,174

Credit Cash Discounts $126

To record the payment, via Check No. 318 for full settlement, including discount.

Sept. 12: Debit Accounts payable (Martin Company) $7,000

Credit Cash $6,930

Credit Cash Discounts $70

To record the payment on account, via Check No. 319, including discount.

Sept. 19: Debit Accounts payable (Expert Systems) $3,900

Credit Cash $3,900

To record payment on account.

Sept. 27 Debit Accounts payable (Dynamic Data) $9,000

Credit Cash $8,820

Credit Cash Discounts $180

To record payment on account, including discount.

Explanation:

a) Data and Analysis:

Sept. 5: Accounts payable (Clinton Corp.) $6,300 Cash $6,174 Cash Discounts $126 Check No. 318

Sept. 12: Accounts payable (Martin Company) $7,000 Cash $6,930 Cash Discounts $70 Check No. 319

Sept. 19: Accounts payable (Expert Systems) $3,900 Cash $3,900

Sept. 27 Accounts payable (Dynamic Data) $9,000 Cash $8,820 Cash Discounts $180

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