Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans- actions a through h. Identify the journal in which each transaction should be recorded. e. Sold merchandise for cash. f. Purchased merchandise on credit. g. Purchased inventory for cash. h. Paid cash to a creditor. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee's salary in cash. d. Borrowed cash from the bank.
Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans- actions a through h. Identify the journal in which each transaction should be recorded. e. Sold merchandise for cash. f. Purchased merchandise on credit. g. Purchased inventory for cash. h. Paid cash to a creditor. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee's salary in cash. d. Borrowed cash from the bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans-
actions a through h. Identify the journal in which each transaction should be recorded.
e. Sold merchandise for cash.
f. Purchased merchandise on credit.
g. Purchased inventory for cash.
h. Paid cash to a creditor.
a. Sold merchandise on credit.
b. Purchased shop supplies on credit.
c. Paid an employee's salary in cash.
d. Borrowed cash from the bank.
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