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In: Accounting

a company uses a single -column sales journal(s), a single column purchases , a cash receipts...

a company uses a single -column sales journal(s), a single column purchases , a cash receipts journal , a cash payments journal and a general journal.indicate in which journal each of the fllowing tranbsaction would be recordede by placing the appropriate letter in the blank chegg

Paid salarie, returned a purchase for credit , sold merchandise on credit ,recorded accrued salaries, sold merchandise for cash ,paid note due at bank purchases merchandise on credit, recorded closing entries , owner invested cash into a business, purchased equipment on credit

Solutions

Expert Solution

1 Paid salaries, Cash payments journal
2 returned a purchase for credit , Single column purchases
3 sold merchandise on credit , Single -column sales journal(s)
4 recorded accrued salaries, General journal
5 sold merchandise for cash , Cash receipts journal
6 paid note due at bank Cash payments journal
7 purchases merchandise on credit, Single column purchases
8 recorded closing entries , General journal
9 owner invested cash into a business, Cash receipts journal
10 purchased equipment on credit General journal

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Single -column sales journal(s) Used to record all credit Sales of Inventory
Single column purchases Used to record all credit Purchases of Inventory
Cash receipts journal All Cash transactions related to Receipt
Cash payments journal All Cash transactions related to Payment
General journal All other transactions which do not falls under above four special journals

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Hope you understood. Thank you.

ekkarill92 answered 2 years ago
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