College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 10E
Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.
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Each time an entry is recorded in the purchases journal, the credit would be entered in the
accounts payable column
accounts receivable column
purchases column
supplies column
A. Directions: Record the following credit sales and credit purchases transactions in the sales journal, purchase journal, and general journal. Write the answer on a journal and 10-column columnar sheet.
Describe and use the purchase journal. What steps are followed in posting from the purchases journal to the accounts payable ledger?
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Describe the transaction recorded.Ch. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - Prob. 5PBCh. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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- Record the following transactions in the purchases journal:arrow_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forwardPurchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forward
- List four items of information about each sale entered in the sales journal.arrow_forwardRecord the following transactions in the sales journal:arrow_forwardThe first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.arrow_forward
- The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forwardindicate in which journal the following transactions are most likely to be recorded. 1. purchased inventories on credit. 2. sales on inventories on credit.arrow_forwardwhat steps are followed in posting from the purchases journal to the accounts payable ledger?arrow_forward
- In the expanded purchases journal, debits are made in which columns? A) Accounts Payable, Inventory, and Supplies B) Inventory, Supplies, and Other Accounts C) Cash, Supplies, and Other Accounts D) Accounts Payable, Cash, and Inventoryarrow_forwardrecord the following transactions in their corresponding journals it could be in: -sales journal -cash receipts journal -purchase journal -cash payments journal -general journlaarrow_forwardPlease classify the following transactions into the 7 journals in accounting. General Journal Sales Journal Purchases Journal Return Inwards Journal Return Outwards Journal Cash Receipt Journal Cash Payment Journalarrow_forward
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