Use the following abbreviations to indicate the journal in which you would record transactions a through n.J = General journalS = Sales journalCRP = Purchases journalCP Cash payments journalCash receipts journalTransactiona.Cash purchase of merchandise inventoryb. Collection of dividend revenue earned on an investmentC. Prepayment of insuranced. Borrowing money on a long-term note payablee. Purchase of equipment on accountf. Cost of goods sold along with a credit saleCash sale of merchandise inventoryPayment of rentj.k.I.g.h.i. Depreciation of computer equipmentPurchase of merchandise inventory on accountCollection of accounts receivableExpiration of prepaid insurancem.Sale on accountn. Payment on accountJournalCR

Name: Use the following abbreviations to indicate the journal in which you
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Description: Use the following abbreviations to indicate the journal in which you would record transactions a through n.J = General journalS = Sales journalCRP = Purchases journalCP Cash payments journalCash receipts journalTransactiona.Cash purchase of merchand

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Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P= Purchases journal CP Cash payments journal Transaction a. Cash purchase of merchandise inventory b. Collection of dividend revenue earned on an investment c. Prepayment of insurance d. e. f. Cost of goods sold along with a credit sale g. Cash sale of merchandise inventory h. Payment of rent i. Depreciation of computer equipment j. Purchase of merchandise inventory on account k. Collection of accounts receivable I. Expiration of prepaid insurance m. Sale on account n. Payment on account Borrowing money on a long-term note payable Purchase of equipment on account Journal $10000

Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P= Purchases journal CP Cash payments journal Transaction a. Cash purchase of merchandise inventory b. Collection of dividend revenue earned on an investment c. Prepayment of insurance d. e. f. Cost of goods sold along with a credit sale g. Cash sale of merchandise inventory h. Payment of rent i. Depreciation of computer equipment j. Purchase of merchandise inventory on account k. Collection of accounts receivable I. Expiration of prepaid insurance m. Sale on account n. Payment on account Borrowing money on a long-term note payable Purchase of equipment on account Journal $10000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1SEA: RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases,...

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Similar questions

The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
Should the purchases journal have a column that is a debit to Accounts Payable?
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivable
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurance
What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledger