E7-10 Below are some typical transactions incurred by Kwun Company. 1.Payment of

Question

E7-10 Below are some typical transactions incurred by Kwun Company. 1.Payment of creditors on account. 2.Return of merchandise sold for credit. 3.Collection on account from customers. 4.Sale of land for cash. 5.Sale of merchandise on account. 6.Sale of merchandise for cash. 7.Received credit for merchandise purchased on credit. 8.Sales discount taken on goods sold. 9.Payment of employee wages. 10.Income summary closed to owner's capital. 11.Depreciation on building. 12.Purchase of office supplies for cash. 13.Purchase of merchandise on account. For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal, sales journal, single-column purchases journal, or general journal.

Explanation / Answer

Transactions

Journal Type

1.Payment of creditors on account.

General Journal

2.Return of merchandise sold for credit.

Sales Journal

3.Collection on account from customers.

Cash Receipt Journal

4.Sale of land for cash.

General Journal

5.Sale of merchandise on account.

Sales Journal

6.Sale of merchandise for cash.

Cash Receipt Journal

7.Received credit for merchandise purchased on credit.

General Journal

8.Sales discount taken on goods sold.

Cash Receipt Journal

9.Payment of employee wages.

Cash Payment Journal

10.Income summary closed to owner's capital.

General Journal

11.Depreciation on building.

General Journal

12.Purchase of office supplies for cash.

Cash Payment Journal

13.Purchase of merchandise on account

Single-Column Purchases Journal

Transactions

Journal Type

1.Payment of creditors on account.

General Journal

2.Return of merchandise sold for credit.

Sales Journal

3.Collection on account from customers.

Cash Receipt Journal

4.Sale of land for cash.

General Journal

5.Sale of merchandise on account.

Sales Journal

6.Sale of merchandise for cash.

Cash Receipt Journal

7.Received credit for merchandise purchased on credit.

General Journal

8.Sales discount taken on goods sold.

Cash Receipt Journal

9.Payment of employee wages.

Cash Payment Journal

10.Income summary closed to owner's capital.

General Journal

11.Depreciation on building.

General Journal

12.Purchase of office supplies for cash.

Cash Payment Journal

13.Purchase of merchandise on account

Single-Column Purchases Journal

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