College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 12, Problem 1SEA
RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded:
- (a) Sold merchandise on account.
- (b) Purchased delivery truck on account for use in the business.
- (c) Received payment from customer on account.
- (d) Purchased merchandise on account.
- (e) Issued check in payment of electric bill.
- (f) Recorded
depreciation on factory building.
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Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Purchase of office supplies on account.b. Purchase of supplies for cash.c. Purchase of store equipment on account.d. Payment of cash on account to creditor.e. Payment of cash for office supplies.
A purchases journal is used to record:
O a. purchases of merchandise on account for resale.
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Chapter 12 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
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- Record the following sales transactions of Money Office Supplies.arrow_forwardRecord the following purchase transactions of Money Office Supplies.arrow_forwardThe 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.arrow_forward
- A. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)arrow_forwardA. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)arrow_forwardThe business is using special journals aside from the general journal. The general journal is used to record A. Cash refund for goods returned B. Purchases of supplies for cash C. Cash withdrawal of the owner D. Credit memo for goods returned by customersarrow_forward
- Employee purchases of supplies with a company-issued credit card is typically recorded with a credit to a. Accounts Payable. b. Supplies. c. Cash. d. Supplies Expense.arrow_forwardThe individual amounts in the "Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledgerarrow_forwardSale of goods for cash would be recorded in the _______________ Select one:A. purchase journalB. general journalC. sales journalD. cash receipts journalarrow_forward
- The operating cycle of a merchandiser with credit sales includes the following five activities. With merchandise acquisition as the starting point, arrange the events in the correct order. a. Sell merchandise on credit to customers. b. Monitor receivables from customers. c. Receive payment in cash from customers on account. d. Acquire merchandise with cash. e. Arrange merchandise for sale.arrow_forwardMatch the following transactions to the special journal you would use to record them:arrow_forwardThe journal entry to be recorded by the seller upon receiving payment from a customer who had previously purchased the goods on account would include which of the following? Assume the payment was made within the discount period. A. a debit to Sales Discounts. B. a credit to Inventory. C. a debit to Inventory. D. a debit to Accounts Receivable.arrow_forward
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