Match the following transactions to the special journal you would use to record them: Cash receipts Cash Purchases Sales General disbursement a) Paid cash to purchase inventory is recorded in the journal. b) Sold inventory for cash is recorded in the c) Recorded an adjusting entry for supplies is recorded in the journal journal. d) Received cash a week after selling items on credit is recorded in the e) Sold shares of stock for cash is recorded in the the journal. f) Paid for a purchase of inventory on account within the discount period is recorded in the g) Bought equipment for cash is recorded in the h) Paid for a purchase of inventory on account after the discount period has passed is recorded in the i) Paid a cash dividend to shareholders is recorded in the journal. i) Sold inventory on account is recorded in the journal. journal. journal. journal.

Match the following transactions to the special journal you would use to record them: Cash receipts Cash Purchases Sales General disbursement a) Paid cash to purchase inventory is recorded in the journal. b) Sold inventory for cash is recorded in the c) Recorded an adjusting entry for supplies is recorded in the journal journal. d) Received cash a week after selling items on credit is recorded in the e) Sold shares of stock for cash is recorded in the the journal. f) Paid for a purchase of inventory on account within the discount period is recorded in the g) Bought equipment for cash is recorded in the h) Paid for a purchase of inventory on account after the discount period has passed is recorded in the i) Paid a cash dividend to shareholders is recorded in the journal. i) Sold inventory on account is recorded in the journal. journal. journal. journal.

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Description: Match the following transactions to the special journal you would use torecord them:Cash receipts CashPurchasesSalesGeneraldisbursementa) Paid cash to purchase inventory is recorded in thejournal.b) Sold inventory for cash is recorded in thec) Recor

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Match the following transactions to the special journal you would use to
record them:
Cash receipts Cash
Purchases
Sales
General
disbursement
a) Paid cash to purchase inventory is recorded in the
journal.
b) Sold inventory for cash is recorded in the
c) Recorded an adjusting entry for supplies is recorded in the
journal
journal.
d) Received cash a week after selling items on credit is recorded in the
e) Sold shares of stock for cash is recorded in the the
journal.
f) Paid for a purchase of inventory on account within the discount
period is recorded in the
g) Bought equipment for cash is recorded in the
h) Paid for a purchase of inventory on account after the discount period
has passed is recorded in the
i) Paid a cash dividend to shareholders is recorded in the
journal.
j) Sold inventory on account is recorded in the
journal.
journal.
journal.
journal.

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