A company uses special journals and a general journal to record its transactions

Question

A company uses special journals and a general journal to record its transactions. Using the following abbreviations, identify the appropriate journal used to record each transaction.

Sales Journal S

Purchases Journal P

Cash Receipts Journal CR

Cash Payments Journal CP

General Journal J

____ Purchased 375 of supplies on account.

____ Received 3000 from a customer on account.

____ Purchased 2300 of inventory for cash.

____ Returned 1670 of merchandise previously purchased on account.

____ Paid 5300 for the weekly employee wages.

____ Sold 2460 of merchandise for cash.

____ Purchased 20000 of office equipment for cash.

____ Paid 2345 for merchandise previously purchased on account.

____ Borrowed 10000 from a bank.

____ Made the 350 adjusting entry for expired insurance.

Explanation / Answer

Answer:-

J Purchased 375 of supplies on account. CR Received 3000 from a customer on account. CP Purchased 2300 of inventory for cash. P Returned 1670 of merchandise previously purchased on account. CP Paid 5300 for the weekly employee wages. CR Sold 2460 of merchandise for cash. CP Purchased 20000 of office equipment for cash. CP Paid 2345 for merchandise previously purchased on account. J Borrowed 10000 from a bank. J Made the 350 adjusting entry for expired insurance.

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