Identifying special journals Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P = Purchases journal CP = Cash payments journal Transactions: _____ a. Cash purchase of merchandise inventory _____ b. Collection of dividend revenue earned on an investment _____ c. Prepayment of insurance _____ d. Borrowing money on a long-term note payable _____ e. Purchase of equipment on account _____ f. Cost of goods sold along with a credit sale _____ g. Cash sale of merchandise inventory _____ h. Payment of rent _____ i. Depreciation of computer equipment _____ j. Purchase of merchandise inventory on account _____ k. Collection of accounts receivable _____ l. Expiration of prepaid insurance _____ m. Sale on account _____ n. Payment on account

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter12: Special Journals
Section: Chapter Questions
Problem 1SEA: RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases,...
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Identifying special journals

Use the following abbreviations to indicate the journal in which you would record transactions a through n.

J = General journal

S = Sales journal

CR = Cash receipts journal

P = Purchases journal

CP = Cash payments journal

Transactions:

_____ a. Cash purchase of merchandise inventory

_____ b. Collection of dividend revenue earned on an investment

_____ c. Prepayment of insurance

_____ d. Borrowing money on a long-term note payable

_____ e. Purchase of equipment on account

_____ f. Cost of goods sold along with a credit sale

_____ g. Cash sale of merchandise inventory

_____ h. Payment of rent

_____ i. Depreciation of computer equipment

_____ j. Purchase of merchandise inventory on account

_____ k. Collection of accounts receivable

_____ l. Expiration of prepaid insurance

_____ m. Sale on account

_____ n. Payment on account

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