Question: Assume a system with five journals described in our topic. Match which journal should be used to record each business transactions described. Return of defective

Assume a system with five journals described in our topic. Match which journal should be used to record each business transactions described. Return

Assume a system with five journals described in our topic. Match which journal should be used to record each business transactions described. Return of defective merchandise purchase and receiving a cash refund Recording the depreciation of equipment at the end of the period Sales of Merchandise for cash Closing the owner's drawing account at the end of the period Sales of Merchandise on Account Payment to creditors on account 1. Sales Journal (SJ) Adjustment of insurances expired portion 2. Cash Receipts Journal (CRJ) 3. Purchase Journal (PJ) Sale of office supplies on account, at cost to a friend as an accommodation 4. Cash Payment Journal (CPJ) Investment of additional cash in the business by the owner 5. General Journal (GJ) Payment of employees salaries Borrowed cash from Bank signing a promissory note Withdrawal of cash by the owner Purchase of merchandise on account Issuance of credit memo to a customer Collection from customers on account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Idexo Corporation is a privately held designer and manufacturer of licensed college apparel in Cincinnati, Ohio. In late 2019, after several years of lackluster performance, the firms owner and...

Hotel and Restaurant Accounting Practice Tests This booklet contains self-graded practice tests for every chapter in Hotel and Restaurant Accounting, Eighth Edition. Chapter 1 Accounting: A...

Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...

Needing ANSWERS ASAP! Starting at pg 34 - Labeled Graded Project 06155200: Graded Project Instructions & Worksheets 1 Lesson 1: Business, Accounting, and You PROJECT GOAL The goal of this graded...

will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks. Step 1:...

I need help . Full answer and Solution please PLAYING THE ACCOUNTING EQUATION 1. Naruto Uzumaki is an owner of Konoha Enterprises, a sole proprietorship. The company's total assets is PhP726,000. The...

Please correct me on what I've done wrong and show me how to fix my statements. ACC-260 QuickBooks Assignment 1 Complete this assignment after following "ACC-260 QuickBooks Online Registration...

Hello I am not looking for help with the Quickbooks portion of the assignment merely what the ledger should look like and which accounts the problems listed should be assigned to. It would be great...

Accounting Chart of Accounts Reconcile NAME TYPE DETAIL TYPE QUICKBOOKS BALANCE BANK BALANCE ACTION Cash Bank Checking 0.00 View register Accounts Receivable Accounts receivable (A/R) Accounts...

Accounting Activity... Hi Tutors. Please answer this accounting activity. I'm really having a hard time with it. It's SO confusing and I just can't..... I will leave a google drive in the comment...

Sim City Corporation owns machinery that cost $20,000 when purchased on January 1, 2005. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated...

Assume that you recently accepted a position with the Bozeman National Bank as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan...

3 7 of 9 1 Concepts completed ( i ) Multiple Select Question Select all that apply Which of the following statements is ( are ) correct regarding a T - account? More than one answer may be correct. A...

Suzanne Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect cost...

How Much Capital Do You Need to Start Investing? The motivation for making investments is largely driven by the goals you have. These goals could be short-term such as buying a new car, saving for a...

Identify an organisation of your choice in the fashion industry. You are to ensure that you have full access to the relevant information required for this project. Please note that the information...

You are speaking to a high school class on accounting as a career field. One of the students, Taylor, asks a question. She explains her Aunt Abbie gave her a $1,000 and told her to invest it wisely....

The credit crisis that began in 2007 served as the trigger for one of the most serious recessions since the Great Depression. We all know that numerous companies were severely impacted by the...

q , is a category of due process that requires government statutes, ordinances, regulations, or other laws be clear on their face and not overly broad in scope. A . Privilege clause B . Immunity...

(a) What source of power does Latoya have, and what type of power is she using during the meeting? (b) Is the memo a wise political move for Latoya? What may be gained/lost by sending it?

What source of power does Beth have, and what type of power is she using during the meeting?

Describe your relationship with your current peers and members from other departments. How do you cooperate with them, compete with them, and criticize them? How can you improve your relationship...