Below are some typical transactions incurred by Harley Company.
1. Purchase of merchandise on account.
2. Collection on account from customers.
3. Payment of employee's wages.
4. Sales of merchandise for cash.
5. Close Income Summary to Retained Earnings.
6. Adjusting entry for depreciation on machinery.
7. Payment of creditors on account.
8. Purchase of office equipment on credit.
9. Sales discount taken on goods sold on credit.
10. Sales of merchandise on account.
11. Purchase of a delivery truck for cash.
12. Return of merchandise purchased on credit.
13. Payment of rent in advance.
14. Adjusting entry for accrued interest expense.
15. Purchase of office supplies for cash.
For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized.
CR - Cash Receipts Journal
CP - Cash Payments Journal
S - Sales Journal
P - Single-Column Purchases Journal
G - General Journal

Question

Quizplus · Accepted Answer

The Answer of Below are some typical transactions incurred by Harley Company.
1. Purchase of merchandise on account.
2. Collection on account from customers.
3. Payment of employee's wages.
4. Sales of merchandise for cash.
5. Close Income Summary to Retained Earnings.
6. Adjusting entry for depreciation on machinery.
7. Payment of creditors on account.
8. Purchase of office equipment on credit.
9. Sales discount taken on goods sold on credit.
10. Sales of merchandise on account.
11. Purchase of a delivery truck for cash.
12. Return of merchandise purchased on credit.
13. Payment of rent in advance.
14. Adjusting entry for accrued interest expense.
15. Purchase of office supplies for cash.
For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized.
CR - Cash Receipts Journal
CP - Cash Payments Journal
S - Sales Journal
P - Single-Column Purchases Journal
G - General Journal

Below Are Some Typical Transactions Incurred by Harley Company