Poole Company maintains four special journals and a general journal to record its transactions. Indicate the appropriate journal for recording the transactions listed. 1. Mr. Richey Poole invested cash in the business. Sales journalGeneral journalCash payments journalSingle-column purchases journalCash receipts journal 2. Purchased store supplies on account. Sales journalGeneral journalSingle-column purchases journalCash receipts journalCash payments journal 3. Sold merchandise to customer on account. General journalCash payments journalCash receipts journalSingle-column purchases journalSales journal 4. Purchased a 2-year fire insurance policy for cash. Cash payments journalGeneral journalCash receipts journalSingle-column purchases journalSales journal 5. Received a check from a customer as payment on account. Cash payments journalGeneral journalSingle-column purchases journalCash receipts journalSales journal 6. Paid for store supplies purchased in transaction 2. Sales journalSingle-column purchases journalGeneral journalCash payments journalCash receipts journal 7. Purchased merchandise on account. Cash receipts journalSales journalCash payments journalGeneral journalSingle-column purchases journal 8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account. Cash payments journalSales journalCash receipts journalSingle-column purchases journalGeneral journal 9. Purchased office equipment for cash. Cash receipts journalSales journalGeneral journalCash payments journalSingle-column purchases journal 10. Made an adjusting entry for store supplies used during the period. Cash payments journalCash receipts journalSingle-column purchases journalSales journalGeneral journal

Poole Company maintains four special journals and a general journal to record its transactions. Indicate the appropriate journal for recording the transactions listed. 1. Mr. Richey Poole invested cash in the business. Sales journalGeneral journalCash payments journalSingle-column purchases journalCash receipts journal 2. Purchased store supplies on account. Sales journalGeneral journalSingle-column purchases journalCash receipts journalCash payments journal 3. Sold merchandise to customer on account. General journalCash payments journalCash receipts journalSingle-column purchases journalSales journal 4. Purchased a 2-year fire insurance policy for cash. Cash payments journalGeneral journalCash receipts journalSingle-column purchases journalSales journal 5. Received a check from a customer as payment on account. Cash payments journalGeneral journalSingle-column purchases journalCash receipts journalSales journal 6. Paid for store supplies purchased in transaction 2. Sales journalSingle-column purchases journalGeneral journalCash payments journalCash receipts journal 7. Purchased merchandise on account. Cash receipts journalSales journalCash payments journalGeneral journalSingle-column purchases journal 8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account. Cash payments journalSales journalCash receipts journalSingle-column purchases journalGeneral journal 9. Purchased office equipment for cash. Cash receipts journalSales journalGeneral journalCash payments journalSingle-column purchases journal 10. Made an adjusting entry for store supplies used during the period. Cash payments journalCash receipts journalSingle-column purchases journalSales journalGeneral journal

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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Poole Company maintains four special journals and a general journal to record its transactions. Indicate the appropriate journal for recording the transactions listed.

1.	Mr. Richey Poole invested cash in the business.	Sales journalGeneral journalCash payments journalSingle-column purchases journalCash receipts journal
2.	Purchased store supplies on account.	Sales journalGeneral journalSingle-column purchases journalCash receipts journalCash payments journal
3.	Sold merchandise to customer on account.	General journalCash payments journalCash receipts journalSingle-column purchases journalSales journal
4.	Purchased a 2-year fire insurance policy for cash.	Cash payments journalGeneral journalCash receipts journalSingle-column purchases journalSales journal
5.	Received a check from a customer as payment on account.	Cash payments journalGeneral journalSingle-column purchases journalCash receipts journalSales journal
6.	Paid for store supplies purchased in transaction 2.	Sales journalSingle-column purchases journalGeneral journalCash payments journalCash receipts journal
7.	Purchased merchandise on account.	Cash receipts journalSales journalCash payments journalGeneral journalSingle-column purchases journal
8.	Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.	Cash payments journalSales journalCash receipts journalSingle-column purchases journalGeneral journal
9.	Purchased office equipment for cash.	Cash receipts journalSales journalGeneral journalCash payments journalSingle-column purchases journal
10.	Made an adjusting entry for store supplies used during the period.	Cash payments journalCash receipts journalSingle-column purchases journalSales journalGeneral journal

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