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Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account.   Bought merchandise on account.   Sold merchandise for cash.   Adjusted for insurance expired.   Received payment on account from a charge customer.   Received a credit memo for merchandise returned.   Bought equipment on credit.   Sold merchandise on account.   Recorded a customer's NSF check.   Invested personal noncash assets in the business.   Withdrew cash for personal use.   options:  Cash Payments Cash Receipts General Journal Purchases Sales

Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account.   Bought merchandise on account.   Sold merchandise for cash.   Adjusted for insurance expired.   Received payment on account from a charge customer.   Received a credit memo for merchandise returned.   Bought equipment on credit.   Sold merchandise on account.   Recorded a customer's NSF check.   Invested personal noncash assets in the business.   Withdrew cash for personal use.   options:  Cash Payments Cash Receipts General Journal Purchases Sales

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. Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.

    1. Paid a creditor on account.
       

    2. Bought merchandise on account.
       

    3. Sold merchandise for cash.
       

    4. Adjusted for insurance expired.
       

    5. Received payment on account from a charge customer.
       

    6. Received a credit memo for merchandise returned.
       

    7. Bought equipment on credit.
       

    8. Sold merchandise on account.
       

    9. Recorded a customer's NSF check.
       

    10. Invested personal noncash assets in the business.
       

    11. Withdrew cash for personal use.
       

options: 
  • Cash Payments
  • Cash Receipts
  • General Journal
  • Purchases
  • Sales
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