Exercise 2: Enter P for Purchases journal, S for Sales journal, CR for Cash Receipts journal, CD for Cash Disbursements, and G for General journal to identify which special journal these transactions would appear: a. Purchased supplies for cash b. Customer paid on account c. Borrowed cash from the bank. d. Purchased inventory on account.

Exercise 2: Enter P for Purchases journal, S for Sales journal, CR for Cash Receipts journal, CD for Cash Disbursements, and G for General journal to identify which special journal these transactions would appear: a. Purchased supplies for cash b. Customer paid on account c. Borrowed cash from the bank. d. Purchased inventory on account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 25MC: You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A....

See similar textbooks

Related questions

Q: ssued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g)…

A: Source Document - Source documents provide unmistakable proof that any financial transaction…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 815. Credit note is the basis for recording a transaction in which of the following journals? O…

A: Journal being recording the business transactions for the first time are also known as books of…

Q: If a business uses special journals (single purpose sales and purchases journals), which of the…

A: Journal entries recording is the first step in accounting cycle process. Special journals are used…

Q: The cash receipts journal is used to record all transactions that include a debit to the Cash…

A: A cash account is a trading account that mandates the account holder to pay for all securities…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: Match the terms with the definitions. A journal designed for recording only certain kinds of…

A: In accounting specific journals are used for specific purposes to make the accounting process…

Q: A purchase of supplies on account is recorded in the ? Please explain with full explanation. a.…

A: Supplies: These are the general purpose consumables used for the purpose of business operations.…

Q: The sales journal is used to record______. cash sales on account debit…

A: Sales journal is used to record all the account sales entries but it does not includes cash sales…

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: The business is using special journals aside from the general journal. The general journal is used…

A: Special journals are used to record entry for cash disbursement journal, purchase journal, sales…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: ... Copy of Module Nine Lesson Two Assignment Three G GENERAL JOURNAL PAGE 3 1. 2. DOC. POST.…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Question

Exercise 2: Enter P for Purchases journal, S for Sales journal, CR for Cash Receipts journal, CD
for Cash Disbursements, and G for General journal to identify which special journal these
transactions would appear:
a. Purchased supplies for cash
b. Customer paid on account
c. Borrowed cash from the bank.
d. Purchased inventory on account.
e. Sold merchandise for cash.
f. Returned inventory purchased.
g. Paid utility bill.
h. Sold merchandise on credit.
i. Customer returned merchandise.
j. Paid vendor for purchase.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
You just posted a debit to Cash in the general ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Can a sales journal be used to record sales on account and a cash sale? Why or why not?
The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Name two situations where cash would be remitted to a customer from a retailer after purchase.
RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded: (a) Sold merchandise on account. (b) Purchased delivery truck on account for use in the business. (c) Received payment from customer on account. (d) Purchased merchandise on account. (e) Issued check in payment of electric bill. (f) Recorded depreciation on factory building.
We record purchases of inventory for cash in which journal(s)?
You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue