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RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded: (a) Sold merchandise on account. (b) Purchased delivery truck on account for use in the business. (c) Received payment from customer on account. (d) Purchased merchandise on account. (e) Issued check in payment of electric bill. (f) Recorded depreciation on factory building.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 12, Problem 1SEA
Textbook Problem

RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded:

  1. (a) Sold merchandise on account.
  2. (b) Purchased delivery truck on account for use in the business.
  3. (c) Received payment from customer on account.
  4. (d) Purchased merchandise on account.
  5. (e) Issued check in payment of electric bill.
  6. (f) Recorded depreciation on factory building.

Expert Solution
To determine

Identify the journal as (sales, cash receipts, purchases, cash payment, or general) in which the given transactions are recorded.

Explanation of Solution

Identify the journal as (sales, cash receipts, purchases, cash payment, or general) in which the given transactions are recorded:

 DetailsJournal
a.Sold merchandise on account.Sales
b.Purchased delivery truck on account for use in the business.General
c.Received payment from customer on account.Cash receipts
d.Purchased merchandise on account.Purchases
e.Issued check in payment of electric bill.Cash payments
f.Recorded depreciation on factory building.General

Table (1)

Sales Journal: A journal is a book of original entry where all journal entries are recorded on the date of their occurrence in a chronological order.

Sales journal is one form of special journal book, which records sales transactions that are sold to customers on credit.

General Journal: It is a book where all the monetary transactions are recorded in the form of journal entries on the date of their occurrence in a chronological order.

The general journal is used in a manual accounting information system in the following situations:

  • • When the business transactions cannot be recorded in the special journals.
  • • When the business transactions are infrequent...

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Chapter 12 Solutions

College Accounting, Chapters 1-27
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Ch. 12 - LO2 Enter the following transaction in a sales...Ch. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - What is the primary purpose of using special...Ch. 12 - List four items of information about each sale...Ch. 12 - What steps are followed in posting from the sales...Ch. 12 - What steps are followed in posting from the sales...Ch. 12 - List three items of information about each cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - List four items of information about each purchase...Ch. 12 - What steps are followed in posting from the...Ch. 12 - What steps are followed in posting from the...Ch. 12 - List four items of information about each cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Lakeview Industries...Ch. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - CASH RECEIPTS JOURNAL Zebra Imaginarium, a retail...Ch. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - CASH PAYMENTS JOURNAL Sam Santiago operates a...Ch. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - CASH RECEIPTS JOURNAL Color Florists, a retail...Ch. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - CASH PAYMENTS JOURNAL Kay Zembrowski operates a...Ch. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - You have a part-time job as a bookkeeper at a...Ch. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...

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