Match the special journal you would use to record the following transactions. A. Cash Receipts Journal i. Took out a loan from the bank B. Cash Disbursements Journal ii. Paid employee wages C. Sales Journal iii. Paid income taxes D. Purchases Journal iv. Sold goods with credit terms 1/10, 2/30, n/60 E. General Journal v. Purchased inventory with credit terms n/90 vi. Sold inventory for cash vii. Paid the phone bill viii. Purchased stock for cash ix. Recorded depreciation on the factory equipment x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.
EB3.
LO 7.2Match the special journal you would use to record the following transactions.
|
A. Cash Receipts Journal |
i. Took out a loan from the bank |
|
B. Cash Disbursements Journal |
ii. Paid employee wages |
|
C. Sales Journal |
iii. Paid income taxes |
|
D. Purchases Journal |
iv. Sold goods with credit terms 1/10, 2/30, n/60 |
|
E. General Journal |
v. Purchased inventory with credit terms n/90 |
|
|
vi. Sold inventory for cash |
|
|
vii. Paid the phone bill |
|
|
viii. Purchased stock for cash |
|
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ix. Recorded |
|
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x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them. |
Journal Entries: When a commercial transaction is recorded in the accounting records of a company, it is referred to as a "journal entry." A journal entry is often recorded in the main ledger; however, it may also be entered in a subsidiary ledger, which is later summarized and rolled forward into the general ledger, depending on the situation.
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