Accounting
SPECIAL JOURNALS and SUBSIDIARY LEDGERS:
For each of the following transactions, indicate WHICH Journal and WHICH special Ledger if any (Acct Rec. or Acct Pay) should be used to record the transaction:
a) Issued check #421 for payment of salaries .
b) Sold Merchandise for CASH , $50,000.
c) Purchase supplies on account $4,500.
d) Corrected a prior journal entry re payroll
e) Received payment from a customer.
f) Paid a creditors bill re supplies purchased last month.
g) Purchased Inventory for cash.
h) Returned defective merchandise to the creditor
i) A customer returned merchandise to us. The sale was made last month.
j) Received a bill from American Express for Travel.
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SPECIAL JOURNALS and SUBSIDIARY LEDGERS: For each of the following transactions, indicate WHICH Journal and WHICH special Ledger if any (Acct Rec. or Acct Pay) should be used to record the transaction:a) Issued check #421 for payment of salaries .b) Sold Merchandise for CASH , $50,000. c) Purchase supplies on account $4,500. d) Corrected a prior journal entry re payroll e) Received payment from a customer. f) Paid a creditors bill re supplies purchased last month. g) Purchased Inventory for...
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Requirements 1, 2, 3.
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Golf Shop records purchase returns in the general journal. Use
the appropriate journal to record the transactions in a purchases
journal, a cash payments journal (omit the Check No. column), and
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Total each column of the special journals. Show that total debits
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The log o o muestions cold blow Church Company complete these transactions and events dumg March of the current years for all its cre a re 20 SO M Purchased $40,000 of merchandise from Vanities, las 2/5.30 2 Sold merchandise on credo Min Chemice No. 854. for $15.000 .000 3 Purchased $1200 of office s on credit from Gobal Company, Dorm 3 Sold merchand on credit in Linde Wer e No 55. for $8.000 14.000 6 Borrowed $72.000 cash from...
Requirements 1, 2, 3.
Sparkling LakeSparkling Lake
Golf Shop records purchase returns in the general journal. Use
the appropriate journal to record the transactions in a purchases
journal, a cash payments journal (omit the Check No. column), and
a general journal. The company uses a perpetual inventory system.
Total each column of the special journals. Show that total debits
equal total credits in each special journal. Show how postings
would be made from the journals by writing the account numbers...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
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an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
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