A company entered into the following transactions. For each transaction, indicat

Question

A company entered into the following transactions. For each transaction, indicate the appropriate journal in which it should be recorded.

a. Sales Journal
b. Purchases Journal
c. Cash Receipts Journal
d. Cash Disbursements Journal
e. General Journal

____ 1. Purchased merchandise on credit.
____ 2. Sold merchandise on credit.
____ 3. Purchased merchandise for cash.
____ 4. Sold merchandise for cash.
____ 5. Paid cash to settle the utility bill.
____ 6. Owner invested more cash in the business.
____ 7. Recorded depreciation for the period.
____ 8. Borrowed cash from the bank.
____ 9. Bought office supplies on credit.
____ 10. Received cash from a customer to settle an account receivable.

Explanation / Answer

1 Purchases Journal 2 Sales Journal 3 Cash Disbursements Journal 4 Cash Receipts Journal 5 Cash Disbursements Journal 6 Cash Receipts Journal 7 General Journal 8 Cash Receipts Journal 9 Purchases Journal 10 Cash Receipts Journal

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