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

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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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