Question

Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.

Match each of the following transactions to the journal in which it would be entered.
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Revenue journal Cash receipts journal Purchases journal Cash payments journal General journal Recognized depreciation on the building Journalized the adjusting entry for supplies used during the period Closed the revenue account at the end of the period Received cash from the bank in exchange for a note payable Withdrew cash for personal use (by owner)

Answer 1

Matching transactions to the journal in which they would be entered:

Transactions Journal Type

1. Recognized depreciation on the building General Journal

2. Journalized the adjusting entry for supplies

used during the period General Journal

3. Closed the revenue account at the end

of the period General Journal

4. Received cash from the bank in exchange

for a note payable Cash Receipts Journal

5. Withdrew cash for personal use (by owner) Cash Payments Journal

Step-by-step explanation:

Revenue journal records revenue transactions.

Cash receipts journal records all cash receipts.

Purchases journal records all purchases on account.

Cash payments journal records all cash payments.

General journal is used for all transactions, especially those that cannot be recorded in any of the other specialized journals.