ACTIVITY 2: MATCHING TYPE - Indicate the letter of the journal in which the transaction can be most conveniently recorded. The first answer is given as an example. 0. Depreciation expense Purchase of inventory on account Cash withdrawals of the owner from the business 1. 2. Acquisition of equipment on cash basis Purchase of inventory on cash basis 3. 4. 5. Sale of goods on account 6. Payment of salaries expense 7. Sale of goods on cash basis 8. Cash investments of the owner to the business Payment of delivery expense for goods sold Adjusting entry to record bad debts expense 9. 10. A. Purchases journal B. Sales journal C. Cash receipts journal D. Cash disbursements journal E. General journal

ACTIVITY 2: MATCHING TYPE - Indicate the letter of the journal in which the transaction can be most conveniently recorded. The first answer is given as an example. 0. Depreciation expense Purchase of inventory on account Cash withdrawals of the owner from the business 1. 2. Acquisition of equipment on cash basis Purchase of inventory on cash basis 3. 4. 5. Sale of goods on account 6. Payment of salaries expense 7. Sale of goods on cash basis 8. Cash investments of the owner to the business Payment of delivery expense for goods sold Adjusting entry to record bad debts expense 9. 10. A. Purchases journal B. Sales journal C. Cash receipts journal D. Cash disbursements journal E. General journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 15MC: Sold goods for $650 cash. Which journal would the company use to record this transaction? A. sales...

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For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. 1. Purchase supplies on account. 2. Make payment on asset previously purchased. 3. Purchase supplies for cash. 4. Purchase insurance for cash. 5. Pay cash for wages. 6. Pay cash for phone expense. 7. Pay cash for new equipment. End-of-Period Adjusting Entries: 8. Wages earned but not paid. 9. Prepaid item purchased, partly used. 10. Depreciation on long-term assets.
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
Journal Entries Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identification purposes.) Services provided on account of $1,530 Purchases of supplies on account for $1,365 Services provided for cash of $750 Purchase of equipment for cash of $4,240 Issuance of a promissory note for $2,500 Collections on account for $890 Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 Payment of $4,000 in salaries and wages Payment of open account in the amount of $500
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.
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Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or services
Determine on which financial statement each account listed below is reported. Use the following abbreviations: Income Statement (IS), Statement of Owners Equity (OE), and Balance Sheet (BS). a. S. Beagle, Capital b. Cash c. Miscellaneous Expense d. Accumulated Depreciation, Equipment e. Wages Payable f. S. Beagle, Drawing g. Equipment h. Supplies i. Depreciation Expense j. Supplies Expense k. Service Fees l. Accounts Receivable
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From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statement
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