Question

Match each transaction with the appropriate journal in which it should be recorded.a. Sales journalb. Purchases journalc. Cash receipts journald. Cash disbursements journale. General journal____ 1. Borrowed $7,000 cash from the local bank.____ 2. A customer returned a $250 item purchased on account.____ 3. Purchased merchandise on account, $2,100.____ 4. Purchased equipment on account for $4,000.____ 5. Paid $15,000 cash in wages to employees.____ 6. Paid a telephone bill for $3,400 cash.____ 7. Purchased $1,150 of office supplies on account.____ 8. Recorded depreciation on office equipment of $2,000.____ 9. Returned defective inventory purchased on account, $2,550.____ 10. Recorded cash sales of $12,700.

Answer 1

Answer and Explanation:

The matching is as follows:

1. Cash receipts journal - since cash is received

2. General journal - since the items is returned

3. Purchase journal - since purchase is done

4. Purchase journal - since purchase is done

5. Cash disbursement journal - since cash is paid

6. Cash disbursement journal - since cash is paid

7. Purchase journal - since purchase is done

8. General journal - since expenses are recorded

9. General journal - since the items is returned

10. Cash receipts journal - since cash is received