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
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3MC: If a customer pays with a credit card and the service has been provided, which of the following...
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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 |
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