Ramirez Company has the following selected transactions during March.
Mar. 2 Purchased equipment costing $6,000 from Briggs Company on account.
5 Received credit memorandum for $300 from Redbone Company for merchandise damaged in shipment to Ramirez.
7 Issued a credit memorandum for $400 to Sparks Company for merchandise the customer returned. The returned merchandise had a cost of $260. Ramirez Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal.
Instructions
(a) Journalize the transactions in the general journal.
(b) In a brief memo to the president of Ramirez Company, explain the postings to the control and subsidiary accounts.
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