Identifying special journals Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P = Purchases journal CP = Cash payments journal Transactions: _____ a. Cash purchase of merchandise inventory _____ b. Collection of dividend revenue earned on an investment _____ c. Prepayment of insurance _____ d. Borrowing money on a long-term note payable _____ e. Purchase of equipment on account _____ f. Cost of goods sold along with a credit sale _____ g. Cash sale of merchandise inventory _____ h. Payment of rent _____ i. Depreciation of computer equipment _____ j. Purchase of merchandise inventory on account _____ k. Collection of accounts receivable _____ l. Expiration of prepaid insurance _____ m. Sale on account _____ n. Payment on account
Identifying special journals
Use the following abbreviations to indicate the journal in which you would record transactions a through n.
J = General journal
S = Sales journal
CR = Cash receipts journal
P = Purchases journal
CP = Cash payments journal
Transactions:
_____ a. Cash purchase of merchandise inventory
_____ b. Collection of dividend revenue earned on an investment
_____ c. Prepayment of insurance
_____ d. Borrowing money on a long-term note payable
_____ e. Purchase of equipment on account
_____ f. Cost of goods sold along with a credit sale
_____ g. Cash sale of merchandise inventory
_____ h. Payment of rent
_____ i.
_____ j. Purchase of merchandise inventory on account
_____ k. Collection of
_____ l. Expiration of prepaid insurance
_____ m. Sale on account
_____ n. Payment on account
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