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1. Customer sent in cash to settle an account receivable. 2. Purchased merchandise for cash. 3. Owner invested more cash in the business. 4. Paid cash to settle the utility bill. 5. Purchased merchandise on credit. 6. Sold merchandise on credit 7. Recorded depreciation for the period. 8. Sold merchandise for cash. 9. Bought store supplies for cash. 10. Borrowed cash from the bank. a. Sales Journal b. Purchases Journal (Single Column) c. Cash Receipts Journal d. Cash Disbursements Journal e. General Journal

1. Customer sent in cash to settle an account receivable. 2. Purchased merchandise for cash. 3. Owner invested more cash in the business. 4. Paid cash to settle the utility bill. 5. Purchased merchandise on credit. 6. Sold merchandise on credit 7. Recorded depreciation for the period. 8. Sold merchandise for cash. 9. Bought store supplies for cash. 10. Borrowed cash from the bank. a. Sales Journal b. Purchases Journal (Single Column) c. Cash Receipts Journal d. Cash Disbursements Journal e. General Journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Customer sent in cash to settle an account receivable. 2. Purchased merchandise for cash. 3. Owner invested more cash in the business. 4. Paid cash to settle the utility bill. 5. Purchased merchandise on credit. 6. Sold merchandise on credit 7. Recorded depreciation for the period. 8. Sold merchandise for cash. 9. Bought store supplies for cash. 10. Borrowed cash from the bank. a. Sales Journal b. Purchases Journal (Single Column) c. Cash Receipts Journal d. Cash Disbursements Journal e. General Journal
Transcribed Image Text:1. Customer sent in cash to settle an account receivable. 2. Purchased merchandise for cash. 3. Owner invested more cash in the business. 4. Paid cash to settle the utility bill. 5. Purchased merchandise on credit. 6. Sold merchandise on credit 7. Recorded depreciation for the period. 8. Sold merchandise for cash. 9. Bought store supplies for cash. 10. Borrowed cash from the bank. a. Sales Journal b. Purchases Journal (Single Column) c. Cash Receipts Journal d. Cash Disbursements Journal e. General Journal
Expert Solution
Step 1

Introduction:

Journals:

Recording of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

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