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

EXERCISE F-3

Purpose:

(L.O. 2, 3) This exercise reviews general ledger accounts and postings to them from special journals.

A list of abbreviations and a list of postings to general ledger accounts (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 of the postings to general ledger accounts listed below, indicate the most common source of the posting. Use the appropriate abbreviations to indicate your answer for each. (Assume all purchases of merchandise inventory and sales are made on account. Assume a perpetual inventory system is in use.)

Postings to General Ledger Accounts

________	1. Debits to Merchandise Inventory
______	2. Credits to Sales
______	3. Debits to Accounts Payable
______	4. Credits to Accounts Payable
______	5. Debits to Cash
______	6. Credits to Cash
______	7. Debits to Accounts Receivable
______	8. Credits to Accounts Receivable
______	9. Credits to Interest Payable
______	10. Debits to Postage Expense
______	11. Debits to Wages and Salaries Expense
______	12. Debits to Depreciation Expense
______	13. Debits to Prepaid Insurance
______	14. Credits to Prepaid Insurance
______	15. Debits to Office Supplies on Hand
______	16. Credits to Office Supplies on Hand
______	17. Credits to Bank Loans Payable
______	18. Credits to Unearned ...