Colo Company - Cash Disbursement Journal Question?

Question

I have all columns completed except the inventory credit column. I am not getting the correct answers. I have $798 for the May 8th return. Please let me know from the items below what else should be there...

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May 1 - Issued Check in pymt of rent $3710 (2968 - selling space; 742 - office space)

May 8 - issued check to pay for $7098 merchandise, less return of $798, and discount of 2%

May 15 - issued payroll check of 5320 - sales salaries and 3150 - office salaries

May 19 - issued check of 8800 minus 2% discount

May 23 - issued check of 13650 minus 2% discount

May 26 - issued check of 1283 for utilities

May 29 - owner issued check for 7000 for personal withdrawal

May 30 - issued payroll check of 5320 - sales salaries and 3150 - office salaries

Answer 1

The $798 should reduce your cost of goods sold.  Subtract it from the $7098 less 2% for purchases.

Hope this helps

Jerry-the-bookkeeper