Match the following transactions to the special journal you would use to record them:

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...
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General

Sales

Purchases

Cash receipts

Cash Disbursements

 

Match the following transactions to the special journal you would use to record them:
1. Sold inventory for cash is recorded in the [Select ]
journal.
2. Paid cash to purchase inventory is recorded in the [Select]
journal.
3. Recorded an adjusting entry for supplies is recorded in the ISelect ]
journal.
4. Received cash a week after selling items on credit is recorded in the [Select]
journal.
5. Sold shares of stock for cash is recorded in the sales journal.
6. Paid for a purchase of inventory on account within the discount period is recorded in the I Select]
journal.
7. Bought equipment for cash is recorded in the [Select ]
v journal.
8. Paid for a purchase of inventory on account after the discount period has passed is recorded in the
[ Select]
journal.
9. Paid a cash dividend to shareholders is recorded in the [Select]
journal.
10. Sold inventory on account is recorded in the [Select ]
v journal.
Transcribed Image Text:Match the following transactions to the special journal you would use to record them: 1. Sold inventory for cash is recorded in the [Select ] journal. 2. Paid cash to purchase inventory is recorded in the [Select] journal. 3. Recorded an adjusting entry for supplies is recorded in the ISelect ] journal. 4. Received cash a week after selling items on credit is recorded in the [Select] journal. 5. Sold shares of stock for cash is recorded in the sales journal. 6. Paid for a purchase of inventory on account within the discount period is recorded in the I Select] journal. 7. Bought equipment for cash is recorded in the [Select ] v journal. 8. Paid for a purchase of inventory on account after the discount period has passed is recorded in the [ Select] journal. 9. Paid a cash dividend to shareholders is recorded in the [Select] journal. 10. Sold inventory on account is recorded in the [Select ] v journal.
Expert Solution
Step 1 : Solution

1. Sold inventory for cash is recorded in the Sales journal .

2. Paid cash to purchase inventory is recorded in the Purchases journal . 

3. Recorded an adjusting entry for supplies is recorded in the General journal .

4. Received cash a week after selling items on credit is recorded in the Cash receipts journal .

5. Sold shares of stock for cash is recorded in the sales journal .

6. Paid for a purchase of inventory on account within the discount period is recorded in the Cash disbursement journal .

7. Bought equipment for cash is recorded in the General journal .

8. Paid for a purchase of inventory on account after the discount has passed is recorded in the Cash disbursements journal  .

9. Paid a cash dividend to shareholders is recorded in the General journal .

10. Sold inventory on account is recorded in the Sales journal .

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