Solved

A Company Entered into the Following Transactions

Question 83

Matching

A company entered into the following transactions. Match each transaction with the appropriate journal. The journals can be used one time, zero times, or more than one time if necessary.

Premises:

Responses:

Paid a utility bill for $3,400 cash.

Cash receipts journal

Purchased $1,590 of store supplies on account.

Cash disbursements journal

Purchased a display rack on account for $4,700.

Sales journal

Paid $65,000 cash for wages and salaries.

Purchases journal

Borrowed $5,000 cash from the bank.

General journal

Returned defective inventory purchased on account, $2,900.

A customer returned a $250 item purchased on account.

Purchased merchandise on account, $2,700.

Recorded cash sales of $14,700.

Recorded depreciation on store equipment of $4,000.

Premises:

Paid a utility bill for $3,400 cash.

Purchased $1,590 of store supplies on account.

Purchased a display rack on account for $4,700.

Paid $65,000 cash for wages and salaries.

Borrowed $5,000 cash from the bank.

Returned defective inventory purchased on account, $2,900.

A customer returned a $250 item purchased on account.

Purchased merchandise on account, $2,700.

Recorded cash sales of $14,700.

Recorded depreciation on store equipment of $4,000.

Responses:

Cash receipts journal

Cash disbursements journal

Sales journal

Purchases journal

General journal

Correct Answer:

Premises:

Responses:

Paid a utility bill for $3,400 cash.

Purchased $1,590 of store supplies on account.

Purchased a display rack on account for $4,700.

Paid $65,000 cash for wages and salaries.

Borrowed $5,000 cash from the bank.

Returned defective inventory purchased on account, $2,900.

A customer returned a $250 item purchased on account.

Purchased merchandise on account, $2,700.

Recorded cash sales of $14,700.

Recorded depreciation on store equipment of $4,000.