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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:

a.    Purchase of office supplies on account.

b.    Purchase of supplies for cash.

c.    Purchase of store equipment on account.

To determine

Purchase journal:

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

Cash payments journal:

Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).

(a)

To indicate: The types of journal for the given transactions.

Explanation

(a), and (c) – Purchase journal:

In this case, (a) Purchase of office supplies on account, and (c) Purchase of store equipment are purchase journal, because office supplies and equipment purchased on account. Hence, these are come under the purchase journal...

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