Question :
21) Indicate the proper journal to use to record each : 1212694
21) Indicate the proper journal to use to record each of the following transactions. Use S for sales journal, P for purchases journal, CR for cash receipts journal, CP for cash payments journal, and G for general journal.
a)Owner investment of cash________
b)Owner withdrawal of cash________
c)Payment of accrued salaries________
d)Sales of furniture in exchange for a note receivable________
e)Receipt of payment on account________
f)Purchase of land for cash________
g)Returned merchandise, receiving a cash refund________
h)Payment for the purchase of inventory
within the discount period________
i)Made a cash refund to a customer
for returned merchandise________
j)Sale of merchandise on account________
k)Purchase of merchandise for cash________
l)Purchase of supplies on account________
m)Sale of merchandise for cash________
n)Owner investment of equipment________
22) Tom and Jerry Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction.
Sales JournalS
Purchases JournalP
Cash Receipts JournalCR
Cash Payments JournalCP
General JournalG
a)Sold merchandise on account, $5,800__________
b)A customer purchased additional inventory on account,
credit terms 2/10 n/30, $3,500__________
c)A customer who had previously purchased merchandise
on account returned defective merchandise for credit__________
d)Purchased inventory on account, $4,680__________
e)Purchased office furniture, no money down, with 60
days to pay, $1,850__________
f)Closed the income summary account to capital, net
income was $65,000__________
g)Collected $3,600 from cash sales__________
h)Purchased a used copy machine paying $3,200 cash__________
i)Received a cheque for $3,210 from a customer who was
paying off his account in full__________
j)Paid the telephone bill for the month, $230__________
23) Burton Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction.
Sales JournalS
Purchases JournalP
Cash Receipts JournalCR
Cash Payments JournalCP
General JournalG
a) Purchased inventory for cash, $2,300__________
b) Received $3,000 from a customer on account__________
c) Purchased supplies on account, $375__________
d) Sold merchandise for cash, $2,460__________
e) Paid the weekly employees’ wages, $5,300__________
f) Returned merchandise previously bought on
account for credit, $1,670__________
g) Made a $350 adjusting entry for expired insurance__________
h) Borrowed $10,000 from the bank by signing a note
payable with interest at 8%__________
i) Purchased office equipment for cash__________
j) Paid for merchandise previously bought on account,
taking the 2% discount $2,345__________
