Essay
Given below are the transactions for G. Turner Company. For each transaction state the account(s) to be debited and account(s) to be credited and indicate the journal in which each transaction should be recorded. Indicate (P) for purchase journal, (CP) for cash payments journal, or (GJ) for general journal.
| Debit | Credit | Journal | ||
| Supplies | __Cash__ | __CP___ | 0. | Purchased supplies for cash |
| ________ | ________ | ________ | a. | Withdrew $500 in cash from the business. |
| ________ | ________ | ________ | b. | Paid salaries expense, $800. |
| ________ | ________ | ________ | c. | Purchased merchandise for cash, $2,500. |
| ________ | ________ | ________ | d. | Purchased merchandise on account, $4,000. |
| _______ | ________ | ________ | e. | Returned $1,000 of goods purchased in d. |
| ________ | ________ | ________ | f. | Paid two months' rent in advance, $600 |
| ________ | ________ | ________ | g. | Paid for purchases in d., less discount and return. |
Correct Answer:
Verified
Debit Credit Journal
a. Withdrawals Cash...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
a. Withdrawals Cash...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q10: Tyler returned $400 of merchandise within the
Q11: A list of creditors with ending balances
Q12: What is the self check that a
Q13: Payments of cash are recorded in the
Q14: On November 30, Janoch's Dog Kennel purchased
Q16: The term used when the purchaser is
Q17: Accounts of a single type are kept
Q18: The accounts payable subsidiary ledger is organized
Q19: Which of the following is NOT a
Q20: Ralph's Dairy started with $5,000 in Inventory