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

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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			(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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