Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans- actions a through h. Identify the journal in which each transaction should be recorded. e. Sold merchandise for cash. f. Purchased merchandise on credit. g. Purchased inventory for cash. h. Paid cash to a creditor. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee's salary in cash. d. Borrowed cash from the bank.

Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans- actions a through h. Identify the journal in which each transaction should be recorded. e. Sold merchandise for cash. f. Purchased merchandise on credit. g. Purchased inventory for cash. h. Paid cash to a creditor. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee's salary in cash. d. Borrowed cash from the bank.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4EA: For each of the transactions, state which special journal (sales journal, cash receipts journal,...

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