Homework Answers
| a. Purchased equipment on account. | General Journal |
| b. Purchased merchandise on account. | Purchase Journal |
| c. Paid utility expense in cash. | Cash Disbursement Journal |
| d. Sold merchandise on account. | Sales Journal |
| Income Statement | Balance Sheet | |||
| Dr. | Cr. | Dr. | Cr. | |
| Totals | 20,000 | 60,000 | 140,000 | 100,000 |
| Net Income | 40,000 | 40,000 | ||
| Totals | 60,000 | 60,000 | 140,000 | 140,000 |
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