QUESTION 3 (20 POINTS) Use the following abbreviations to indicate the journal i

Question

QUESTION 3 (20 POINTS) Use the following abbreviations to indicate the journal in which you would record transactions (a) through (n). JGeneral journal S = Sales journal CR = Cash receipts journal P Purchases journal CP cash payments journal Transactions: Payment of rent Cash sale of merchandise inventory Cost of goods sold along with a credit sale Cash purchase of merchandise inventory Collection of dividend revenue earned on an investment Prepayment of insurance Borrowing money on a long-term note payable Purchase of equipment on account Payment on account Depreciation of computer equipment Purchase of merchandise inventory on account Sale on account Expiration of prepaid insurance Collection of accounts receivable a. b. d. e. h k. n.

Explanation / Answer

Answer:

No.

Transaction

Journal

a.

Payment of Rent

General Journal

b.

Cash Sale of Merchandise Inventory

Cash Receipts Journal

c.

Cost of Goods sold along with a Credit Sale

Sales Journal

d.

Cash purchase of Merchandise Inventory

Cash payments Journal

e.

Collection of Dividend Revenue earned on an Investment

General Journal

f.

Prepayment of Insurance

General Journal

g.

Borrowing money on a Long-Term Note Payable

General Journal

h.

Purchase of Equipment on account

General Journal

i.

Payment on account

Cash Payment Journal

j.

Depreciation on Computer Equipment

General Journal

k.

Purchase of Merchandise Inventory on Account

Purchases Journal

l.

Sale on account

Sales Journal

m.

Expiration of Prepaid Insurance

General Journal

n.

Collection of Accounts Receivable

Cash receipts Journal

No.

Transaction

Journal

a.

Payment of Rent

General Journal

b.

Cash Sale of Merchandise Inventory

Cash Receipts Journal

c.

Cost of Goods sold along with a Credit Sale

Sales Journal

d.

Cash purchase of Merchandise Inventory

Cash payments Journal

e.

Collection of Dividend Revenue earned on an Investment

General Journal

f.

Prepayment of Insurance

General Journal

g.

Borrowing money on a Long-Term Note Payable

General Journal

h.

Purchase of Equipment on account

General Journal

i.

Payment on account

Cash Payment Journal

j.

Depreciation on Computer Equipment

General Journal

k.

Purchase of Merchandise Inventory on Account

Purchases Journal

l.

Sale on account

Sales Journal

m.

Expiration of Prepaid Insurance

General Journal

n.

Collection of Accounts Receivable

Cash receipts Journal

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