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For Each of the Transactions Listed Below, Identify the Journal

Question 73

Short Answer

For each of the transactions listed below, identify the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal.
A)Issued a check to a supplier as a payment on account.
B)Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price. Received a credit memorandum.
C)Returned some damaged merchandise to a supplier and received a credit memorandum.
D)Purchased merchandise with terms of net 30 days.
E) Purchased merchandise with terms of 2/10, n/30. The supplier's invoice includes a freight charge.

Correct Answer:

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(A) CP, (B...

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