Question

Chapter 7-Exercises。 Saved Help Save & Exit Submit Check my work 2 Wilcox Electronics uses a sales ournal, purchases ourna cash receipts ourna cash payments ournal and genera jou ma identif the journal in which each transaction should be recorded 2 points Transaction Journal Sales journal Purchases journal Sales journal a. Sold a machine (nonmerchandise) on credit b. Purchased shop supplies on credit c. Sold merchandise on credit d. Purchased merchandise for cash e. Sold a building (nonmerchandise) on credit f. Purchased store supplies on credit g. Sold merchandise for cash h. Paid cash for office supplies eBook Print Check my work 3 Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $2,800 of merchandise on credit from Roman Corp 9 Sold merchandise costing $870 to R. Allen for $1,450, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $540 t。J. Meyer for $900 cash, Invoice No. 2081. 19 Received $1,450 cash from R. Allen to pay for the purchase of June 9 27 Sold merchandise costing $700 to B. Kraft for $1,000, terms n/10, Invoice No.2082. points eBook Print References SALES JOURNAL Accounts Invoice Number Receivable Dr. Sales Cost of Goods Sold Date Account Debited Cr June 05 June 09 June 12 June 19 June 27

Answer 1

*Special journals are used to record transactions of a similar nature.

*Special journals of 5 types and they are as follows:

1. Sales journal - To record credit sales of merchandise

2. Purchase journal - To record credit purchases of merchandise

3. Cash receipts journal - To record all cash receipts.

4. Cash disbursement (or Cash payment journal - To record all cash disbursements (or) cash payments.

5. General journal - To record all adjusting entries and other entries that do not fit in any of the above special journals.

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			Reason
a	Sold a machine (Non-merchandise) on credit	General Journal	Non - Merchandise
b	Purchased shop supplies on credit.	General Journal	Non - Merchandise
c	Sold merchandise on credit.	Sales Journal
d	Purchased merchandise for cash.	Cash Payments Journal
e	Sold a building (Non-merchandise) on credit	General Journal	Non - Merchandise
f	Purchased store supplies on credit.	General Journal	Non - Merchandise
g	Sold merchandise for cash	Cash Receipts Journal
h	Paid cash for office supplies	Cash Payments Journal

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Question 2

Sales Journal
Date	Account debited	Invoice number	Accounts Receivable Dr. Sales Cr.	Cost of Goods Sold Dr. Inventory Cr.
June 05
June 09	R. Allen	2081	$1,450	$870
June 12
June 19
June 27	B. Kraft	2082	$1,000	$700

Note:

*June 5 transaction to be entered in the purchase journal as it involves credit purchase of merchandise.

*June 12 transaction to be entered in the Cash Receipts journal as it involves a cash sale

*June 19 transaction to be entered in the Cash payment journal as it involves a cash payment