Exercise 7-10 Below are some typical transactions incurred by Ricketts Company F

Question

Exercise 7-10 Below are some typical transactions incurred by Ricketts Company 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. Transactions Journals 1. Payment of creditors on account. 2. Return of merchandise sold for credit. 3. 4. Sale of land for cash. 5. Sale of merchandise on account 6. Sale of merchandise for cash. 7. Received credit for return of merchandise purchased on credit. 8. Sales discount taken on goods sold. 9. Payment of employee wages. account from cus 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.

Explanation / Answer

1. Cash payments journal;

2. General journal;

3. Cash reciepts journal;

4. Cash reciepts journal;

5. Sales journal;

6. Cash reciepts journal;

7. Cash reciepts journal;

8. General journal;

9. Cash payments journal;

10. General journal;

11. General journal;

12. Cash payments journal;

13. Purchase journal.

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.