Wilcox Electronics uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each transaction should be recorded. Transaction a. Purchased office supplies on credit b. Paid off a note payable to the bank with cash c. The owner contributed cash to the business d. Received cash interest payments e. Borrowed cash from the bank f. Purchased shop supplies on credit g. Purchased inventory for cash h. Sold a building (nonmerchandise) on credit Journal Purchases journal Cash payments journal Cash receipts journal Cash receipts journal Purchases journal

Wilcox Electronics uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each transaction should be recorded. Transaction a. Purchased office supplies on credit b. Paid off a note payable to the bank with cash c. The owner contributed cash to the business d. Received cash interest payments e. Borrowed cash from the bank f. Purchased shop supplies on credit g. Purchased inventory for cash h. Sold a building (nonmerchandise) on credit Journal Purchases journal Cash payments journal Cash receipts journal Cash receipts journal Purchases journal

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1SEA: RECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases,...

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