ACTIVITY 2: MATCHING TYPE - Indicate the letter of the journal in which the transaction can be most conveniently recorded. The first answer is given as an example. 0. Depreciation expense Purchase of inventory on account Cash withdrawals of the owner from the business 1. 2. Acquisition of equipment on cash basis Purchase of inventory on cash basis 3. 4. 5. Sale of goods on account 6. Payment of salaries expense 7. Sale of goods on cash basis 8. Cash investments of the owner to the business Payment of delivery expense for goods sold Adjusting entry to record bad debts expense 9. 10. A. Purchases journal B. Sales journal C. Cash receipts journal D. Cash disbursements journal E. General journal

ACTIVITY 2: MATCHING TYPE - Indicate the letter of the journal in which the transaction can be most conveniently recorded. The first answer is given as an example. 0. Depreciation expense Purchase of inventory on account Cash withdrawals of the owner from the business 1. 2. Acquisition of equipment on cash basis Purchase of inventory on cash basis 3. 4. 5. Sale of goods on account 6. Payment of salaries expense 7. Sale of goods on cash basis 8. Cash investments of the owner to the business Payment of delivery expense for goods sold Adjusting entry to record bad debts expense 9. 10. A. Purchases journal B. Sales journal C. Cash receipts journal D. Cash disbursements journal E. General journal

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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For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
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BEJ-3 Identify the journal in which each of the following transactions is recorded. (a) Cash sales. (d) Credit sales. (b) Payment of cash dividends. (c) Cash purchase of land. (e) Purchase of merchandise on account. (1) Receipt of cash for services performed.
Exercise 1: Match the special journal with its definition: Journals Definition 1. Purchases on account a. Cash Receipts Journal b. Cash Disbursement Journal 2. Sales on account 3. Cash paid by the company. 4. Cash Received by the company. c. Sales Journal d. Purchases Journal e. General Journal 5. Adusting, closing and returns.
For each of the items indicate type of activity as per cash flows:
Under the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded? A) Debit Cash, Credit Unearned Revenue. B) Debit Cash, Credit Sales Revenue. C) Debit Unearned Revenue, Credit Cash. D) Debit Cash, Credit Accounts Receivable.
Please answer with reason 59..........is the withdrawal of cash and goods by the owner of the business for his/her personal use A.Depreciation B.Drawings c.Outflow of cash D.Appreciation
Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank Loan account Cr Cash account b. Dr Cash account Cr Loan c. Dr Cash account. Cr Capital d. Dr Bank Cr Cash account
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On Jun.…
Operating activities include all of the following except: Question 5 options: purchasing goods for resale performing services Paying employee salaries Purchasing a cash register
If using a short method if the account is not debit to rectify this error will debit that account True False
B4.