Below are some typical transactions incurred by Kwun Company 1. Payment of creditors on account. 2. Return

Question:

Below are some typical transactions incurred by Kwun Company

1. Payment of creditors on account.

2. Return of merchandise sold for credit.

3. Collection on account from customers.

4. Sale of land for cash.

5. Sale of merchandise on account.

6. Sale of merchandise for cash.

7. Received credit for merchandise purchased on credit.

8. Sales discount taken on goods sold.

9. Payment of employee wages.

10. Income summary closed to owner's capital.

11. Depreciation on building.

12. Purchase of office supplies for cash.

13. Purchase of merchandise on account.


Instructions

For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal, sales journal, single-column purchases journal, or general journal.


Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Question Posted: