Homework Answers
1. Identifying Special Journals:
J is General Journal
S is Sales Journal
P is Purchases Journal
CR - Cash Receipt Journal
CP - Cash Payment Journal
Transactions:
a. Cash Purchase of Merchandise Inventory - CP
b. Collection of Dividend revenue earned on an investment - CR
c. Prepayment of Insurance - J
d. Borrowing Money on a Long-term note payable - CR
e. Purchase of Equipment on Account - J
f. Cost of Goods Sold Along with a credit note - S
g. Cash sale of merchandise inventory - CR
h. Payment of Rent - CP
i. Depreciation of Computer Equipment - J
j. Purchase of Merchandise inventory on account - P
k. Collection of Accounts receivable - CR
l. Expiration of Prepaid Insurance - J
m. Sale on Account - S
n. Payment on Account - CP
2. Identifying Errors in Special journals
| Transaction | Given | Correct Answer |
| Henry Associates paid $ 490 on account for an earlier purchase of merchandise inventory | Purchases Journal | Cash payments journal |
| Recorded depreciation expense for the month | Cash Payments journal | General Journal |
| Collected Interest revenue | Cash Receipts Journal | Cash Receipts Journal |
| Sold Merchandise inventory on account | Cash Receipts Journal | Sales Journal |
| Issued Check No. 535 for the purchase of merchandise inventory | Purchases Journal | Cash Payments journal |
| Returned damaged inventory that was purchase on account | Purchases Journal | General Journal |
| Sold merchandise inventory for cash | Sales Journal | Cash Receipts Journal |
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h
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Sesion Timeout du/courses/36916/assignments/321836?module_item_id-365246 Below are some typical transactions incurred by Ricketts Company For each transaction, indicate whether it would normally be recorded in a cash receipts Journal, cash payments journal, sales journal, si column purchases journal, or general Journal Journals Transactions 1. Payment of creditors on account. 2. Return of merchandise sold for credit 3. Collection on account from customers 4. Sale of land for cash. 5. Sale of merchandise on account. 6. Sale of merchandise for cash 7. Received...
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Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...
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h
Ali Co. 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 cash receipts journal. Nov. 3 The company purchased $2,400 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $633 to J. Than for $696 on credit, subject to a $14 sales discount if paid by the end of the month. 9 The company borrowed $3,275 cash...
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