Question

Match each of the following transactions to the journal in which it would be entered.

Rendered services on account
Received payment from customer on account
Received cash from the bank in exchange for a note payable
Purchased supplies on account
Paid vendor on account
Withdrew cash for personal use (by owner)
Withdrew supplies from the business for personal use (by owner)
Journalized the adjusting entry for supplies used during the period
Recognized depreciation on the building
Closed the revenue account at the end of the period

Answer 1

Journal Entrie would be :-

1. Rendered services on account

Accounts Receivable or cash
To Service Revenue a/c

2. Received payment from customer on account

cash A/C
To account receivable A/C

3 Received cash from the bank in exchange for a note payable

Cash
To note payable A/C

4. Purchased supplies on account

Supplies on hand a/c
To Accounts payable A/C

5. Paid vendor on account

Accounts payable A/C
To cash a/c

6. Withdrew cash for personal use (by owner)

Owner Drawing A/c
To cash A/C

7.Withdrew supplies from the business for personal use (by owner)

Owner Drawings A/C
To stock A/C

8. Journalized the adjusting entry for supplies used during the period

supplies expense A/C
To supplies A/C

9

Depreciation expense (building) A/C
To Accumulated depreciation A/C

10.

Revenue accounts
To income summary A/C