INTERMEDIATE ACCOUNTING (ACCT 3200B)
10th Edition
ISBN: 9781307660647
Author: SPICELAND
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 2.24E
To determine
General journal (GJ):
The journal where the debit and credit entries of the accounting transactions are recorded in a chronological order are referred to as general journal.
Special journals:
Special journals are the journals where the particular types of transactions which occur frequently in a month are recorded.
The special journals that are generally used by the businesses are as follows:
- Sales journal (SJ)
- Cash receipts journal (CR)
- Purchases journal (PJ)
- Cash payments or disbursements journal (CD)
To Indicate: The journal which should be used to record each of the following transactions.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
MULTIPLE CHOICE
1. The entries in a purchases journal are posted to which of the following subsidiary ledger?
A. Accounts Receivable
B. Sales
C. Purchases
D. Accounts payable
2. The accounts payable ledger has posting from which of the following sets of journal?
A. Purchases, cash payments and general
B. Purchases, cash receipts and general
C. Purchases and sales
D. Cash payments and sales
When a company extends credit directly to a customer for a purchase, the
sale is recorded as a debit in the
O A. customer record
B. general ledger
O C. cash flow journal
D. balance sheet
SUBMIT
Identifying special journals
Use the following abbreviations to indicate the journal in which you would record transactions a through n.
J = General journal
S = Sales journal
CR = Cash receipts journal
P = Purchases journal
CP = Cash payments journal
Transactions:
_____ a. Cash purchase of merchandise inventory
_____ b. Collection of dividend revenue earned on an investment
_____ c. Prepayment of insurance
_____ d. Borrowing money on a long-term note payable
_____ e. Purchase of equipment on account
_____ f. Cost of goods sold along with a credit sale
_____ g. Cash sale of merchandise inventory
_____ h. Payment of rent
_____ i. Depreciation of computer equipment
_____ j. Purchase of merchandise inventory on account
_____ k. Collection of accounts receivable
_____ l. Expiration of prepaid insurance
_____ m. Sale on account
_____ n. Payment on account
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING (ACCT 3200B)
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
Knowledge Booster
Similar questions
- 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.arrow_forwardDIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.arrow_forwardJOURNALIZING CASH RECEIPTS Enter the following transactions in a general journal:arrow_forward
- In which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalarrow_forwardActivity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. Maу 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59 63 / 164 Мay 9 Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No. 0031. May 11 Gemini Enterprises settled its account in full. Issued OR#10241 Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No. 0032. May 16 Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10, n/30. May 25 May 26 Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30. Мay 30 Purchases from Meteor Trading P80,000. Terms: 2/15, n/30. Procedures: 1. Analyze the given transactions. 2. Journalize each…arrow_forwardWhat is the name of the book of original entry (prime entry) used to record the purchase of non-current assets (machinery) on credit? Required to answer. Single choice. A. General Journal B. General Journal C. Sales Daybook D. Purchase Ledgerarrow_forward
- Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…arrow_forwardWhich of the following is an agent in a purchases and payments structure model? Question 6Answer a. Cash disbursement b. Inventory c. Employee labour d. Supplier e. Receipt of goodsarrow_forwardQuestion 17 The accounts payable subsidiary ledger is proved when the total of the vendors' account balances agrees with the: O Accounts Payable account in the accounts payable ledger. O Accounts Payable account in the general ledger. O Cash account in the general ledger. O Purchases account in the general ledger.arrow_forward
- Identify the journal in which each of the following transactions is recorded. Transactions Journals a. Cash sales. Sales JournalCash Receipts JournalCash Payments JournalGeneral JournalPurchases Journal b. Owner withdrawal of cash. Sales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal c. Cash purchase of land. General JournalCash Payments JournalPurchases JournalSales JournalCash Receipts Journal d. Credit sales. Sales JournalPurchases JournalGeneral JournalCash Payments JournalCash Receipts Journal e. Purchase of merchandise on account. Sales JournalCash Receipts JournalCash Payments JournalGeneral JournalPurchases…arrow_forwardrecord the following transactions in their corresponding journals it could be in: -sales journal -cash receipts journal -purchase journal -cash payments journal -general journlaarrow_forwardExercise 1: Match the special journal with its definition: Journals Definition 1. Purchases on account a. Cash Receipts Journal b. Cash Disbursement Journal 2. Sales on account 3. Cash paid by the company. 4. Cash Received by the company. c. Sales Journal d. Purchases Journal e. General Journal 5. Adusting, closing and returns.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,