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Please help!!!! How do I enter these transactions onto a journal entry?
Transactions:
May 14, Purchased merchandise from Valley Bicycles on account for $495.00 plus .0825 Sales Tax, Invoice No 290 dated May 14, terms, 2/10, n/30.

May 15, Received credit memo from Valley Bicycles for merchandise purchased on May 14, $89.00.

May 23, Issued a Check No. 897 to Valley Bicycles for merchandise purchased on May 14.

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ajinems

The diagram that represents the transactions that was made from May 14 to May 23 can be viewed above.

What is journal entry?

Journal entry is defined as the documentation of any transaction which may be financial or non financial related in order to help keep track of the income of an organisation.

The following features are expected to be seen in a standard journal entry:

  • the date,

  • the amount of the debit and credit,

  • the titles of the accounts being debited and credited (with the title of the credited account being indented), and

  • a short narration of why the journal entry is being recorded.

The uses of journal entry includes the following:

  • It is used for recording of disposal of fixed assets.

  • It can be used for correction of errors.

  • Double entry transactions.

  • Can be used for recording opening entries.

  • It can be used to transfer items between accounts.

Learn more about journal here:

https://brainly.com/question/14279491

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