simon pharmacy uses the following journals sales journal purchases journal cash rece 4374200

Simon Pharmacy uses the following journals: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal, and General Journal. On June 5, Simon purchased merchandise priced at $24,000, subject to credit terms of 2/10, n/30. On June 14, the pharmacy paid the net amount due. However, in journalizing the payment, the bookkeeper debited Accounts Payable for $24,000 and failed to record the cash discount. Cash was credited for the actual amount paid. In what journals would the transactions of June 5 and June 14 have been recorded? What procedure is likely to discover the error in journalizing the June 14 transaction? View Solution:
Simon Pharmacy uses the following journals Sales Journal Purchases Journal

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