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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
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) Issued credit memo to customer for merchandise returned.
  2. (b) Sold merchandise for cash.
  3. (c) Purchased merchandise on account.
  4. (d) Issued checks to employees in payment of wages.
  5. (e) Purchased factory supplies on account.
  6. (f) Sold merchandise on account.

To determine

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

Explanation

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

 DetailsJournal
a.Issued credit memo to customer for merchandise returned.General
b.Sold merchandise for cash.Cash receipts
c.Purchased merchandise on account.Purchases
d.Issued checks to employees in payment of wages.Cash payments
e.Purchased factory supplies on account.General
f.Sold merchandise on account.Sales

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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