Question

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

--

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

--

Hope you understood. Thank you.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and...
Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and a general journal. The business also maintains subsidiary ledgers for accounts receivable and accounts payable, in addition to the related control accounts (ignore GST). The relevant account balances as of December 31, 2019, were as follows. Account No. Account Title Account balance Debit Credit 100 Cash at Bank $10,800 120 Accounts Receivable 13,200 140 Inventory 19,000 200 Equipment 250,000 300 Accounts Payable $11,000 330...
Trout Swimming School uses a sales journal, purchases journal, cash receipts journal, cash payments journal and...
Trout Swimming School uses a sales journal, purchases journal, cash receipts journal, cash payments journal and a general journal. The business also maintains subsidiary ledgers for accounts receivable and accounts payable, in addition to the related control accounts (ignore GST). The relevant account balances as of December 31, 2019 were as follows. Account No. Account Title Account balance Debit Credit 100 Cash at Bank $54,000 120 Accounts Receivable 66,000 140 Inventory 95,000 200 Equipment 1,250,000 300 Accounts Payable $55,000 330...
Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general...
Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. July 3 The company purchased $4,100 of merchandise on credit from Advanced Parts, terms n/60. 6 The company sold $1,100 of merchandise (cost is $950) for cash to O’Reily. 7 The owner, A. Smith, contributed equipment worth $7,000 to the company. 9 The company sold $1,250 of used equipment (noninventory) on credit to Junk Yard, terms n/30. 13 The company sold $5,200 of...
The accounting system of B. Ellen includes a sales journal, a purchases journal, a cash receipts...
The accounting system of B. Ellen includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of accounts shows the following titles. 100 Cash at Bank 410 Sales Returns and Allowances 110 Accounts Receivable Control 420 Discount Received 115 Prepaid Insurance 150 Office Equipment 201 Accounts Payable Control 210 Loan Payable 300 B. Ellen, Capital 400 Sales 500 Purchases 503 Purchases Returns 510 Discount Allowed 550 Rent Expense 560...
Enter the Transactions in the appropriate journal. Journals include Sales, Cash Receipts, Cash Payments, Purchases, and...
Enter the Transactions in the appropriate journal. Journals include Sales, Cash Receipts, Cash Payments, Purchases, and General Journal Trans. 1 Cash register summary Cash sales merchandise $1,822.41 Sales tax 91.12 Received on account Monique Gonzales 200.00 Total cash 2,113.53 Sales on account Robert Max Invoice #14892 $326.82 Sales tax 16.34 Total sale 343.16 Enter the cash sales and the received on account into the cash receipts journal; enter each on its own line. Enter the sale on account into the...
please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL Week 1 Date Transaction...
please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL Week 1 Date Transaction description 1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021. 2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. 3 Purchased 17...
Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a...
Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer’s account d) Payment of monthly rent by cheque e) End of period closing entries (2 mark
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following...
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,799; and Accounts Receivable, $1068.25. Beginning customer account balances were Thompson Group, $1068.25. Mar. 1 Sold merchandise to Able & Co., $1,753, plus sales tax. Sale No. 33C. 3 Sold merchandise to R. J. Kalas, Inc., $2,274, plus sales tax. Sale No....
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following...
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25. Mar. 1 Sold merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C. 3 Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No....
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following...
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25. Mar. 1 Sold merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C. 3 Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT