Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition

EXERCISE F-2

Purpose: (L.O. 2) This exercise will help you identify the journal in which to record specific transactions.

A list of abbreviations and a list of transactions (in random order) follow:

Abbreviations

S = Two-Column Sales Journal

CR = Multiple-Column Cash Receipts Journal

P = Single-Column Purchases Journal

CP = Multiple-Column Cash Payments Journal

GJ = Two-Column General Journal

Instructions

For each transaction, indicate the journal in which it would be recorded.

Transactions

_________	1. Sold merchandise for cash.
_________	2. Purchased merchandise for cash.
_________	3. Made an adjusting entry for accrued salaries.
_________	4. Made collection on an accounts receivable.
_________	5. Paid rent for the month.
_________	6. Accepted a note receivable from a customer in settlement of an account receivable.
_________	7. Paid salaries for the current period.
_________	8. Wrote a check to buy treasury stock.
_________	9. Returned merchandise to a supplier for credit.
_________	10. Sold merchandise on account.
_________	11. Purchased merchandise on account.
_________	12. Purchased equipment for cash.
_________	13. Purchased equipment on account.
_________	14. Purchased office supplies for cash.
_________	15. Purchased office supplies on account.
_________	16. Recorded depreciation on equipment for the period.
_________	17. Received return of merchandise from a customer who had purchased it on credit. Issued a credit memorandum.
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