Nguyen Company uses a single-column purchases journal to record transactions with its suppliers. The company uses a multi-column cash payments journal. For each of the following transactions, indicate (a) the journal, and (b) the columns in the journal that should be used in recording each transaction. (Enter answers in alphabetical order.) (b) Columns in the Journal Transactions (a) Journal Dr. Cr. 1. Purchased merchandise on account. select a journal Cash PaymentsCash ReceiptsGeneralPurchasesSales select a debit column InventoryAccounts PayableSales ExpenseAccounts ReceivableOther AccountsSales RevenueCost of Goods SoldCash select a credit column Accounts ReceivableSales RevenueAccounts PayableCost of Goods SoldCashInventorySales ExpenseOther Accounts 2. Issued check for the purchase of merchandise. select a journal Cash PaymentsSalesGeneralCash ReceiptsPurchases select a debit column CashOther AccountsSales ExpenseSales RevenueCost of Goods SoldInventoryAccounts ReceivableAccounts Payable select a credit column Cost of Goods SoldOther AccountsCashInventoryAccounts ReceivableSales ExpenseSales RevenueAccounts Payable 3. Issued check to Vo Inc. in payment of an invoice with a 2% discount. select a journal PurchasesCash PaymentsCash ReceiptsSalesGeneral select a debit column Accounts PayableCashOther AccountsAccounts ReceivableSales ExpenseCost of Goods SoldSales RevenueInventory select a credit column Cost of Goods SoldSales ExpenseCashOther AccountsSales RevenueAccounts PayableAccounts ReceivableInventory select a debit column CashInventoryAccounts ReceivableAccounts PayableSales ExpenseOther AccountsCost of Goods SoldSales Revenue select a credit column Accounts PayableOther AccountsCashCost of Goods SoldAccounts ReceivableInventorySales RevenueSales Expense 4. Issued check to the owner as a cash withdrawal for personal use. select a journal GeneralPurchasesCash PaymentsCash ReceiptsSales select a debit column Sales ExpenseSales RevenueOther AccountsCashCost of Goods SoldInventoryAccounts PayableAccounts Receivable select a credit column Accounts ReceivableCashCost of Goods SoldOther AccountsAccounts PayableSales ExpenseInventorySales Revenu
Nguyen Company uses a single-column purchases journal to record transactions with its suppliers. The company uses a multi-column cash payments journal. For each of the following transactions, indicate (a) the journal, and (b) the columns in the journal that should be used in recording each transaction. (Enter answers in alphabetical order.) (b) Columns in the Journal Transactions (a) Journal Dr. Cr. 1. Purchased merchandise on account. select a journal Cash PaymentsCash ReceiptsGeneralPurchasesSales select a debit column InventoryAccounts PayableSales ExpenseAccounts ReceivableOther AccountsSales RevenueCost of Goods SoldCash select a credit column Accounts ReceivableSales RevenueAccounts PayableCost of Goods SoldCashInventorySales ExpenseOther Accounts 2. Issued check for the purchase of merchandise. select a journal Cash PaymentsSalesGeneralCash ReceiptsPurchases select a debit column CashOther AccountsSales ExpenseSales RevenueCost of Goods SoldInventoryAccounts ReceivableAccounts Payable select a credit column Cost of Goods SoldOther AccountsCashInventoryAccounts ReceivableSales ExpenseSales RevenueAccounts Payable 3. Issued check to Vo Inc. in payment of an invoice with a 2% discount. select a journal PurchasesCash PaymentsCash ReceiptsSalesGeneral select a debit column Accounts PayableCashOther AccountsAccounts ReceivableSales ExpenseCost of Goods SoldSales RevenueInventory select a credit column Cost of Goods SoldSales ExpenseCashOther AccountsSales RevenueAccounts PayableAccounts ReceivableInventory select a debit column CashInventoryAccounts ReceivableAccounts PayableSales ExpenseOther AccountsCost of Goods SoldSales Revenue select a credit column Accounts PayableOther AccountsCashCost of Goods SoldAccounts ReceivableInventorySales RevenueSales Expense 4. Issued check to the owner as a cash withdrawal for personal use. select a journal GeneralPurchasesCash PaymentsCash ReceiptsSales select a debit column Sales ExpenseSales RevenueOther AccountsCashCost of Goods SoldInventoryAccounts PayableAccounts Receivable select a credit column Accounts ReceivableCashCost of Goods SoldOther AccountsAccounts PayableSales ExpenseInventorySales Revenu
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Nguyen Company uses a single-column purchases journal to record transactions with its suppliers. The company uses a multi-column cash payments journal.
For each of the following transactions, indicate (a) the journal, and (b) the columns in the journal that should be used in recording each transaction. (Enter answers in alphabetical order.)
(b)
Columns in the Journal |
||||||||
---|---|---|---|---|---|---|---|---|
Transactions
|
(a)
Journal |
Dr.
|
Cr.
|
|||||
1.
|
Purchased merchandise on account.
|
select a journal Cash PaymentsCash ReceiptsGeneralPurchasesSales | select a debit column InventoryAccounts PayableSales ExpenseAccounts ReceivableOther AccountsSales RevenueCost of Goods SoldCash | select a credit column Accounts ReceivableSales RevenueAccounts PayableCost of Goods SoldCashInventorySales ExpenseOther Accounts | ||||
2.
|
Issued check for the purchase of merchandise.
|
select a journal Cash PaymentsSalesGeneralCash ReceiptsPurchases | select a debit column CashOther AccountsSales ExpenseSales RevenueCost of Goods SoldInventoryAccounts ReceivableAccounts Payable | select a credit column Cost of Goods SoldOther AccountsCashInventoryAccounts ReceivableSales ExpenseSales RevenueAccounts Payable | ||||
3.
|
Issued check to Vo Inc. in payment of an invoice with a 2% discount.
|
select a journal PurchasesCash PaymentsCash ReceiptsSalesGeneral | select a debit column Accounts PayableCashOther AccountsAccounts ReceivableSales ExpenseCost of Goods SoldSales RevenueInventory | select a credit column Cost of Goods SoldSales ExpenseCashOther AccountsSales RevenueAccounts PayableAccounts ReceivableInventory | ||||
select a debit column CashInventoryAccounts ReceivableAccounts PayableSales ExpenseOther AccountsCost of Goods SoldSales Revenue | select a credit column Accounts PayableOther AccountsCashCost of Goods SoldAccounts ReceivableInventorySales RevenueSales Expense | |||||||
4.
|
Issued check to the owner as a cash withdrawal for personal use.
|
select a journal GeneralPurchasesCash PaymentsCash ReceiptsSales | select a debit column Sales ExpenseSales RevenueOther AccountsCashCost of Goods SoldInventoryAccounts PayableAccounts Receivable | select a credit column Accounts ReceivableCashCost of Goods SoldOther AccountsAccounts PayableSales ExpenseInventorySales Revenue |
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!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education