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Homework Answers
1) Where does a company record all purchase on credit: Purchase Journal
All purchases (on account) has nothing to do with cash disbursement/ receipt as it does not involve cash payment. It is related to purchase only therefore purchase journal is correct.
2) where a company record all cash received : Cash receipt Journal
All cash receipt goes in Cash receipt journal as it is not on account of sale/purchase or cash disbursement/payment.
3) where a company record all sales on credit: Sales Journal
All sales (on account) has nothing to do with cash disbursement/ receipt as it does not involve cash receipt. It is related to sale only therefore sale journal is correct.
4) where a company record all cash payment: Cash Disbursement Journal
All payment made in cash go in cash disbursement journal as it does not involve cash receipt and sale/purchase.
5) where a company record adjusting and closing journal entries and returns : General Journal
All general adjusting and closing entires involve all general kind of transaction and not related with only sale/purchase/cash receipt/cash payment. Therefore general journal is correct.
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