ABC Company uses the following journals in it's accounting system: Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Disbursements Journal, and General Journal.

Hint: Make sure to record the transactions in chronological (or date) order in the special journals.

Use the Sales Journal and Cash Receipts Journal below to record the following transactions for January. (Round all calculations to the nearest whole dollar.)

Jan 1	ABC Company sold stock to investors for  $50,000 cash.
Jan 10	ABC Company sold merchandise to Jolt LTD for $4,000 terms 2/15,n/30. The goods cost ABC Company $2,000.
Jan 17	ABC Company sold merchandise to Celtic, Inc. for $6,740 with terms 2/10, n/30. The goods cost ABC Company $3,950.
Jan 20	ABC Company sold merchandise to JKL Company for $2,700 with terms 2/10, n/30. The goods cost ABC Company $800.
Jan 21	ABC Company received full payment in the amount of $3,920  from the January 10th sale to Jolt LTD (less  the discount).
Jan 25	ABC Company sold $4,900 of merchandise to BeBe LLC for cash. The goods cost ABC Company $2,150.
Jan 28	ABC Company borrowed $10,000 from The City Bank by signing a note.

Sales Journal

Date	Accounts/Customers Debited	Debit-A/R Credit-Sales	Debit-COGS Credit-Inventory
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City Bank
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City Bank
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28Double line	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City BankDouble line	Double line	Double line
	Double line Totals Double line	Double lineDouble line	Double lineDouble line

Cash Receipts Journal

Date	Accounts Credited	Cash (Debit)	Sales Discount (Debit)	A/R (Credit)	Sales (Credit)	Debig-COGS Credit-Inventory	Other Accounts (Credit)
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City Bank
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City Bank
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City Bank
Jan.1Jan.10Jan.17Jan.20Jan.21Jan.25Jan.28Double line	Cash SaleCeltic, Inc.Common StockJLK CompanyJolt LTD.Note Payable - The City BankDouble line	Double line	Double line	Double line	Double line	Double line	Double line
	Double line Totals Double line	Double lineDouble line	Double lineDouble line	Double lineDouble line	Double lineDouble line	Double lineDouble line	Double lineDouble line