Below are some typical transactions incurred by Kwun Company. Instructions For e

Question

Below are some typical transactions incurred by Kwun Company. Instructions For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal, sales journal, single-column purchases journal, or general journal. Transaction Journal Type 1. Payment of creditors on account. Cash payments journalPurchases journalGeneral journalCash receipts journalSales journal 2. Return of merchandise sold for credit. General journalCash receipts journalSales journalCash payments journalPurchases journal 3. Collection on account from customers. Purchases journalGeneral journalCash receipts journalCash payments journalSales journal 4. Sale of land for cash. Sales journalCash receipts journalCash payments journalPurchases journalGeneral journal 5. Sale of merchandise on account. Purchases journalCash receipts journalSales journalCash payments journalGeneral journal 6. Sale of merchandise for cash. Cash receipts journalCash payments journalGeneral journalPurchases journalSales journal 7. Received credit for merchandise purchased on credit. Cash receipts journalCash payments journalGeneral journalSales journalPurchases journal 8. Sales discount taken on goods sold for cash. Cash receipts journalSales journalGeneral journalCash payments journalPurchases journal 9. Payment of employee wages. Cash payments journalPurchases journalCash receipts journalGeneral journalSales journal 10. Income summary closed to owner

Explanation / Answer

3. Collection on account from customers. CASH RECEIPTS JOURNAL
7. Received credit for merchandise purchased on credit. PURCHASES JOURNAL
12. Purchase of office supplies for cash. CASH PAYMENTS JOURNAL

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